“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/
Tag: Financial Services
It Begins: AI Beats Financial Analysts’ Performance
“The scientists found the LLM still ‘outperforms’ human analysts in its ‘ability to predict earnings changes’ and even ‘exhibits a relative advantage over human analysts in situations when the analysts tend to struggle.’” https://www.inc.com/kit-eaton/it-begins-ai-beats-financial-analysts-performance.html
JPMorgan Chase is training every new hire on AI
“New hires at JPMorgan Chase are being trained to take on the growing potential of artificial intelligence, as the bank continues to establish itself as a leader in the space. ‘This year, everyone coming in here will have prompt engineering training to get them ready for the AI of the future,’ said Mary Erdoes, head of…
Shastic Launches Mago: The Future of AI Banking Workforce for Community Financial Institutions
“Mago has demonstrated the ability to reduce processing time for common financial operations by 85%, making these processes 6.7 times faster. Mago can automate lending processes from application to funding with the exception of underwriting. It can also help with onboarding new members, collections practices, mass marketing and much more.” https://www.businesswire.com/news/home/20240516615279/en/Shastic-Launches-Mago-The-Future-of-AI-Banking-Workforce-for-Community-Financial-Institutions https://shastic.com
Artificial intelligence in banking has strong adoption by “data-first” FIs
“AI and ML are transforming the way financial institutions interact with their account holders. From predictive analytics to tailored financial advice, these technologies enable banks and credit unions to offer personalized banking services that were unimaginable a decade ago. The power of AI and ML lies in their ability to learn from data. In banking, this means…