Morgan Stanley and Bank of America are focusing AI power on tools to make employees more efficient “Keeping Humans in the Loop. The decision to deploy generative AI internally first, rather than externally, was in part due to generative AI’s most notable weakness: hallucinations….Deploying generative AI internally lessens the concern. It’s not used to autonomously…
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Ai Weekly – Fraud Detection – May 11
Artificial intelligence for good: Using AI to stop fraud and scams in financial services “On Wednesday, May 7 the Center on Regulation and Markets at the Brookings Institution convened a panel of leading experts from Block, JP Morgan Chase, and FinRegLab to discuss the potential for AI as a new weapon to fight fraud and scams.” Read…
Ai Weekly – Apr 27
Why Incremental Progress on AI in Banking Will Be the Best Way Forward “In our incremental AI landscape, choosing partners that value a financial institution’s relationship with its employees (and those employees’ relationships to customers) will be critical. Humans will play a significant part in banking processes for a long time – as they should,…
Ai Weekly – April 20
Limiting the risky side of AI in financial services “Companies aren’t the only ones embracing AI; their employees are, too. For example, Salesforce found that 55% of employees used unapproved generative AI (gen AI) tools at work. Nearly 70% of that same population have never completed, let alone received, training on how to use gen AI…
How Bank of America scaled AI
“Bank of America has reached a major milestone in its AI journey: More than 90% of its 213,000 employees now leverage the Erica for Employees virtual assistant, the company said in a Tuesday announcement. The AI-powered tool was rolled out in 2020 to ease IT administrative processes when pandemic concerns drove a pivot to remote work….