“Here’s my bottom line advice on what to do about Gen AI right now: 1) 𝗗𝗿𝗶𝘃𝗲 𝗯𝗼𝘁𝘁𝗼𝗺-𝘂𝗽 𝘂𝘀𝗲 𝗼𝗳 𝗚𝗲𝗻 𝗔𝗜. Encourage the organization to: a) experiment with Gen AI, b) document and share process improvements, c) identify and cultivate power users, and d) reward innovative uses of the tools. 2) 𝗠𝗮𝗻𝗮𝗴𝗲 𝗔𝗜 𝗿𝗶𝘀𝗸𝘀 𝘁𝗼𝗽-𝗱𝗼𝘄𝗻….
Tag: ai Banking
Generative AI As A Service: An Emerging Frontier In Small Business Banking
“As the financial services industry continues to evolve, institutions that embrace AI and prioritize the needs of small businesses will be well-positioned to lead the market and achieve sustained success. Leveraging generative AI to support small businesses is a strategic motion for banks looking to differentiate in a competitive market. By offering tailored AI solutions,…
Banks could lose billions to AI scammers, Deloitte predicts
“A report from Deloitte predicts that banks could take a big hit from fraudsters using deepfakes, voice cloning, and other hyperrealistic AI content to scam banks out of money. The consultancy predicts that generative AI could enable losses from fraud to reach $40 billion in 2027—up from $12.3 billion in 2023—a compound annual growth rate of 32%.”…
IBM Study: Banking and Financial Markets CEOs are betting on generative AI to stay competitive, yet workforce and culture challenges persist
Banks See Risk in Dependence on Big Tech’s AI Capabilities
“The concern is that problems at a single cloud computing company could potentially disrupt services across multiple financial institutions, per the report. Moving data into the cloud is expected to become more complex as the adoption of AI and computing power increases, requiring banks to notify regulators.” https://www.pymnts.com/news/banking/2024/banks-see-risk-in-dependence-on-big-techs-ai-capabilities/