“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%.”…
Tag: machine learning
IBM Study: Banking and Financial Markets CEOs are betting on generative AI to stay competitive, yet workforce and culture challenges persist
‘Hallucinations’: Why do AI chatbots sometimes show false or misleading information?
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
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