How financial services firms are experimenting with generative artificial intelligence (GenAI)
Tag: Artificial intelligence
None of the biggest banks in the United States have the same organizational arrangement for their AI efforts; seeing other approaches – and getting to know some of the top execs – could inspire your strategy. Who are the top artificial intelligence-focused execs in the banking world, and how do your peers and competitors structure […]
As financial services leaders begin to dabble with generative AI, they should calculate how “superhumanizing” staff in different divisions could lead to the greatest return on investment. There’s a staggering number of potential uses cases for generative AI, so execs need to be strategic about what they prioritize. At a recent conference, Goldman Sachs CIO […]
As the director of the Consumer Financial Protection Bureau urges lenders to look beyond three-digit credit scores, Prism Data says that its cashflow-tracking tech can help incumbents serve more customers, with less risk. There’s a new startup on the market to help FinServs make better lending decisions through cashflow-based underwriting. Prism Data – which uses […]
While some say that the best way to stamp out check fraud is to eliminate physical checks, banks also need to step up their know-your-customer protections for depositors by taking advantage of the latest fraud-busting technology. Check fraud has spiked dramatically in the past 18 months, harming both consumers and banks, according to a recent Wall […]
A corporate social network called Louisa aims to proactively connect employees within the same firm who might benefit from knowing each other. What if every employee at your company had each other’s knowledge at their fingertips? That’s the world imagined by Louisa, which just spun out of Goldman Sachs to help employees at banks, VC […]
By using an AI-powered bot to collect, combine, and summarize information, fraud investigators can more efficiently weed out false flags and compile reports for actual criminal issues. Startup SymphonyAI just launched a new tool to aid financial firms’ criminal investigations. Big FinServs have started to inject artificial intelligence into outdated know-your-customer and anti-money laundering processes […]
ChatGPT is now powering treasury management: A startup built a privacy-preserving tool that lets businesses quickly search their bank data. There’s a new AI-powered chatbot to help execs with their financial analysis and planning. Trovata – a startup backed by JPMorgan, Wells Fargo, Capital One, and NAB – connects to corporate banking APIs to let […]
Fairness in lending is historically fraught, and experts worry that opaque AI models could inadvertently make discrimination worse. To avoid that outcome, researchers argue that combining new data with fairness constraints and better models could both advance equity and protect lenders. A combination of sophisticated AI models and historically off-limits data could create more equity in […]
By analyzing central bank messaging for its level of dovishness or hawkishness and finding patterns in how it has historically affected markets, JPMorgan’s tool shows how AI models can give banks an edge in trading. JPMorgan debuted a ChatGPT-powered model for detecting the tenor of central bank messaging that can help interpret current signals and, ultimately, predict […]