Fintech
Fintech Nexus Newsletter (31 May 2024): What bankers want from generative artificial intelligence
When it comes to the adoption of generative AI in finance, we are still at the top of the first inning.
That’s why it was really interesting to read Penny Crosman’s item yesterday on what’s important to bankers when it comes to Gen AI.
The biggest challenge is reliability, with 80% of bank executives surveyed saying they are very or somewhat concerned about inaccurate information from these models.
What a senior executive at Ally Bank wants is a custom AI model built specifically for Ally customers that understands how they interact with the bank. But such a model would be reserved 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 that this data is often kept in disconnected silos.
Any AI model should forget every interaction to preserve user privacy, and there should also be protection against bias.
Banks also want flexibility, so they are not tied to a single AI provider.
In the foreground
> What’s on bankers’ wish list for generative AI?
Penny Crosman
OpenAI is training a new flagship AI model to replace the one behind the wildly popular ChatGPT. This seems like a good time to ask: If financial users could design their own generative AI model from scratch, what would they want?
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Peter Renton is president and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and is the author and creator of the Individual fintech podcastthe first and longest running fintech interview series.