Everyday AI Podcast – An AI and ChatGPT Podcast
EP 61: Using AI to Improve Banking and Financial Services
Wed Jul 19 2023AIFinancial ServicesBankingPartnershipGenerative AISecurity
Description
The episode covers the partnership between Meta and Microsoft, the use of AI in financial services, and the security and future of AI in banking and finance.
Insights
Generative AI models in financial services
Generative AI models like chat GPT are not widely adopted yet in the financial services industry. However, JP Morgan is effectively using over 300 generative AI use cases in production.
Future of generative AI
The future of generative AI includes embedded AI for consumers, which is seen as the next step in banking and financial systems.
Security concerns in AI adoption
Implementing guardrails in platforms can help prevent data breaches and protect sensitive information. Banks also need to leverage AI to combat fraud and stay ahead of creative security bypasses.
Chapters
- Partnership between Meta and Microsoft
- AI in Financial Services
- Security and Future of AI in Banking and Finance
Summary
Transcript
Partnership between Meta and Microsoft
00:01 - 07:17
- Meta and Microsoft have partnered to make the generative AI model Lama2 open source.
- Microsoft has released Bing Chat Enterprise, aimed at protecting data for companies using the platform.
AI in Financial Services
06:56 - 14:50
- Nuzzi Arove, a technology leader in financial services, discusses the use of AI in the industry.
- AI has been used in financial services for decades, but generative AI models like chat GPT are not widely adopted yet.
- JP Morgan is one of the firms using generative AI models effectively with over 300 use cases in production.
- 300 AI use cases in production
- IndexGPT revolutionizing investment selection for customers
- CHAD GPT should be seen as a complimentary tool, not a replacement
- Information security is a major concern for financial services firms
- Generative AI is not as common in medical and financial services industries
- Biggest hurdles for generative AI in financial and banking sectors
- Firms that adapt generative AI may offer more personalized advice
- Generative AI can be used for loan assistance and financial education
- AI governance committee to evaluate ethical uses of AI and educate users
- Decision makers in finance industry may not fully understand the potential of generative AI
- Future of generative AI includes embedded AI for consumers
Security and Future of AI in Banking and Finance
14:24 - 21:23
- Embedded AI is seen as the future of banking and financial systems.
- Implementing guardrails in platforms can help prevent data breaches and protect sensitive information.
- Chat GPT is still in its initial state and lacks accuracy for tasks like fact-checking.
- The younger generation needs to learn coding before relying on AI-generated code.
- Security risks, such as voice cloning, can be addressed by leveraging AI for advanced identification methods.
- Banks need to use AI to combat fraud and stay ahead of creative security bypasses.
- AI accessibility will continue to improve and complement existing technologies in banking and finance.