What a global ranking of banks on AI prowess says about the tech’s ‘flywheel’ effect “This is evidence of AI’s “flywheel” effects. And it’s why those companies that have wanted to take a wait-and-see approach to the AI boom, wary of reports about how difficult it is to generate return on investment from AI projects,…
Tag: Digital Transformation
Ai weekly – Oct 20th
JPMorgan Chase is winning the AI banking race — and its lead is getting bigger “Company President Daniel Pinto said last month that the bank is expecting to see nearly $2 billion in returns from its investment into the technology this year, particularly related to fraud prevention.” Read more >> Banks must be wary of AI…
Ai Weekly – Oct 7
Banking tech alliance drafts enterprise AI adoption guidelines “The Fintech Open Source Foundation, known as FINOS, published the first draft of an AI adoption framework for financial institutions Tuesday. The document details common large language model risks and governance measures to guide successful deployments. ‘The main obstacle to adoption of GenAI in financial services is the lack…
Ron Shevlin – During a presentation to a group of bank CEOs
“The successful community bank of the next 10 years will expand beyond geography limitations to serving affinity communities. They actually have one huge advantage over the neobanks: An existing set of customers to help provide a revenue base to help fund and monetize the expansion. There is (no surprise here) one big disadvantage: The expansion…
Ai Weekly – Sept 29
The Rapid Adoption of Generative AI “The RPS revealed that in August 2024 almost 40% of the U.S. population ages 18 to 64 used generative AI to some degree, and almost 1 in 3 respondents said they used it daily or at least once but not every day during the week prior to the survey….