Banking GenAI #9 - Insights for COOs
Welcome to the latest edition of GenAI for Banking COOs. In today’s newsletter, we cover global examples of how providers continue to embed GenAI in their platforms and latest developments on regulatory responses to GenAI. From Klarna’s AI assistant and Kasisto’s first financial services dedicated LLM to the Monetary Authority of Singapore (MAS) and the White House engaging to ensure AI is responsibly adopted and used by financial institutions, there is plenty to talk about.
Now, let’s dive into it:
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Klarna's AI Assistant with 2.3 million conversations already shows the potential of AI in customer service operations.
Chief Operating Officers (COOs) are constantly seeking ways to optimize customer experience while driving financial efficiency. Klarna's recent implementation of an AI Assistant, developed in collaboration with OpenAI, offers a compelling case study for the banking industry.
Here's why you should take note:
Klarna's success serves as a powerful example of how AI, implemented strategically, can drive significant value for banking operations.
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Kasisto leverages its white-label platform to provide a financial service dedicated LLM: KAI-GPT.
Kasisto has launched KAI-GPT, a large language model (LLM) specifically designed for financial services. This new GenAI solution is built on Kasisto white-label KAI digital platform and empowers banks to deliver human-like interactions, drive operational efficiency, and mitigate risk. KAI-GPT thrives on industry-specific information, ensuring accuracy, safety, and intuitiveness across the Bank. Its first application, KAI Answers, taps into this power to analyze complex documents, answer intricate questions, and provide contextually relevant insights, all in a familiar, conversational style. Bank employees can navigate regulations with ease or solve customer queries with financial expertise.
KAI-GPT is built with compliance, accuracy, safety, and ethical responsibility at its core. COOs and their teams need to keep an eye out for such emerging financial services specific solutions to accelerate their own GenAI journey.
领英推荐
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Monetary Authority of Singapore (MAS) provides a concrete Responsible AI framework and case examples through its Veritas effort done together with the industry.
?Related to the continued importance of Responsible AI, specifically within Banking, agencies like the Monetary Authority of Singapore (MAS) are providing essential frameworks. MAS's toolkit, called the Veritas Toolkit version 2.0. ?The framework focuses on Fairness, Ethics, Accountability, and Transparency (FEAT) principles and provides various case studies and lessons learnt across multiple banks when the principles and methodology was piloted / integrated into existing governance frameworks. In the latest Phase 3 work to refine the framework, Accenture and Bank of China enhanced the assessment methodology in the Veritas Toolkit , seven FIs including DBC, HSBC, BNY Mellon and others piloted the integration of FEAT principles into their existing governance famework, Swiss Re tested the transparency of its AI-based underwriting case and Google applied the methodology to detecting fraudulent payments in India. We definitely recommend reading the full white paper and seeing how this can be incorporated into your own efforts.
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Leading AI companies join the AI Safety Institute Consortium (AISIC), the new White House led consortium for safe AI development.
?In late 2023, the White House announced the forming of the AI Safety Institute Consortium (AISIC) and in February 2024, the consortium was launched. This formation acts as a clear indicator of the growing attention being directed towards accountable AI practices. AISIC includes over 200 US companies, including Accenture and several US banks: Bank of America, Citigroup, JPMorgan Chase, PNC Financial Services, Regions Bank, U.S. Bank National Association and Wells Fargo & Company. AISIC ‘s purpose is to work to establish industry-wide safety standards, prioritize data privacy protection, and define best practices for the quickly growing realm of generative AI. This announcement is indicative of the proactive and collaborative efforts being directed towards navigating the complexities of AI while minimizing potential risks and bolstering responsible, ethical use across sectors. We are excited about such industry-wide efforts as this is key to continue building trust as GenAI adoption accelerates across the industry.
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As always, we hope you enjoyed this issue and are as excited as we are about the prospects of GenAI in Banking. This edition is just the tip of the iceberg. Stay tuned for insights, industry intel, and practical navigation tools as explore the future of GenAI in Banking together!
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#GenAI #COO #BankingOps #Innovation #ArtificialIntelligence #BankingTechnology #Banking #Transformation #ZeroOps #Generative AI
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This issue of the newsletter is brought to you by Accenture’s Rajat Dev | Nazat Dowla |? Francesco Erriquez |Ashley Iu | George Heathcote | Ian Jacobs | Donrick Sanderson II | Sebastian Cadillo
Co-Founder of Altrosyn and DIrector at CDTECH | Inventor | Manufacturer
1 年Reflecting on the latest GenAI insights for banking leaders, it's evident that advancements in Responsible AI frameworks, like the one developed by MAS in Singapore, are crucial. Considering the evolving landscape, how do you see these frameworks adapting to incorporate emerging technologies such as decentralized finance (DeFi) or blockchain in ensuring ethical AI practices in the financial sector? Given the increasing customer interactions data, what measures are being taken to enhance the security and privacy aspects, especially in the wake of growing concerns over data breaches and cyber threats in the banking industry?