Citi CEO Jane Fraser has publicly planted a flag for how the bank is proactively approaching GenAI to shape its transformation efforts, while putting people and compliance at the forefront. Everyone is talking about generative AI, including Citi’s CEO. While Fraser’s assertion that generative AI “has the potential to revolutionize all functions across our bank” […]
Tag: generative AI
To manage the flood of generative AI ideas, execs need to prioritize projects based on ROI and consider building tools in-house. 2023 is all about GenAI. “I don’t think I’ve had a partner or vendor meeting this year where I wasn’t pitched a generative AI play,” Rocket Mortgage CIO Brian Woodring told The Wall Street […]
Many financial institutions have banned widespread employee use of GenAI tools like ChatGPT, but Mizuho’s strategy is to dive in headfirst. Mizuho is bullish on generative AI’s ability to disrupt workflows and processes throughout its business –and it’s letting employees take the lead of discovering how. The banking giant will allow 45,000 workers at its […]
One of the superpowers of ChatGPT is its ability to simplify complex topics, which makes it an excellent educational tool for fledgling workers. SouthState is already seeing a significant productivity boost among its employees. ChatGPT is an intern’s new best friend, according to an executive at SouthState Bank who spoke at a recent American Banker […]
The US Consumer Financial Protection Bureau (CFPB) recently warned financial institutions that it’s on the lookout for “poorly deployed chatbots,” as the generative AI wave continues. The US government has its eye on how FinServs are using artificial intelligence for customer service after receiving numerous complaints about the technology. The CFPB recently released an advisory […]
Startup Kasisto created a banking-specific large language model (LLM), which it says is more bespoke, easier to customize, and less likely to “hallucinate” false info than generalized AI tools – and Westpac is its first user. Westpac is increasing its focus on generative AI through a deepened partnership with chatbot developer Kasisto. Kasisto just announced […]
How financial services firms are experimenting with generative artificial intelligence (GenAI)
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 […]
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 […]