“Viral posts on X (formerly Twitter) and Reddit show how, leveraging open source and off-the-shelf software, an attacker could download a selfie of a person, edit it with generative AI tools and use the manipulated ID image to pass a KYC test. There’s no evidence that GenAI tools have been used to fool a real…
Tag: ai Banking
5 Predictions For Banking And Fintech In 2024
“Except for a handful of larger banks with innovation teams focused on the use of Gen AI tools, most mid-sized and small banks and credit unions won’t do much with Generative AI in 2024. More accurately: They won’t know that they’re doing something with it. What I mean by that last comment is that, when…
An Inside Look at Ally Bank’s Measured Roll-Out of GenAI
“Q&A: As financial institutions race to implement AI across their organizations, public anxiety and government scrutiny are intensifying. Can banks deploy and leverage AI to power growth while avoiding public backlash? Ally Bank’s approach – simultaneously trailblazing and prudent – is one promising model.” Read Full Q&A at The Financial Brand here…
Capturing the full value of generative AI in banking
“The McKinsey Global Institute estimates that among industries globally, gen AI could add the equivalent of $2.6 trillion to $4.4 trillion annually in value across the 63 use cases it analyzed.2 Among industry sectors, banking is expected to have one of the largest opportunities: an annual potential of $200 billion to $340 billion (equivalent to…
AI in Banking: AI Will Be An Incremental Game Changer
“Despite that gradual onset, the potential for wide-ranging application of generative AI means the banking sector is among those likely to experience the biggest impact from the advancement. On an annual basis, generative AI could add between $200 billion and $340 billion in value (9%-15% of banks’ operating profits) if the use cases are fully…