14 December 2023
December 2023

Steven Bankler CPA writes about how banks are experimenting with ChatGPT & AI.

'Generative AI' is considered a highly versatile and essential tool for improving banking operations and driving growth.**

As reported by member Steven Bankler CPA: You may be experimenting with ChatGPT and other AI, and so is your bank. Financial institutions are incorporating AI into their services, but the road to innovation is fraught with risks.

“AI systems have been widely used for years, with banks spending billions to automate functions like trading, risk management, fraud detection and investment research. But the rise of generative AI tools has pushed banks to develop new offerings,” says Bloomberg ThinkAdvisor’s Saritha Rai.

Rai says JP Morgan is working with U.S. regulators and walking them through its first set of generative AI pilot projects to ensure all controls are in place. The projects include using AI to generate earnings summaries, a helpdesk service that provides precise problem-solving steps instead of merely sending customers links to related articles to address an issue, and a tool that scans speeches by Federal Reserve officials to detect policy shifts and glean signals for trading.

There are many examples of how AI is being used in banking, including:

  • Helping financial institutions make credit and underwriting decisions.
  • Managing financial risk by pinpointing trends, conserving manpower, ensuring better forecasting.
  • Providing better information to help customers make better trades.
  • Personalising banking.
  • Preventing and detecting cybersecurity and fraud.

To find out more & to read the article in full - Click Here

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