Fintech Nexus Newsletter (May 31, 2024): What bankers want from generativeAI

When it comes to the adoption of generative AI in finance, we are still at the top of the first inning.

That is why it was really interesting to read Penny Crosman’s article yesterday about what is top is mind for bankers when it comes to Gen AI.

The biggest challenge is reliability, with 80% of surveyed bank executives saying they were very or somewhat concerned about inaccurate information coming from these models.

What a senior Ally Bank executive wants is a custom AI model built specifically for Ally customers that understands how they are engaging with the bank. But such a model would be for customers only, not to be shared with the world.

Banks would like to train these models on all their data but the big challenge is this data is often in disconnected silos.

Any AI model would need to forget each interaction to retain users’ privacy, and there should also be protection against bias.

Banks also want flexibility, so they are not tied down to a single AI vendor.

> What’s on bankers’ wish lists for generative AI?

Penny Crosman

OpenAI is training a new flagship AI model to replace the one behind the wildly popular ChatGPT. It seems like a good time to ask, if financial users could design their own generative AI model from scratch, what they would want?

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