OpenAI, Anthropic, Microsoft, Meta Platforms, and Alphabet's Google are among more than 200 members of a newly established AI Safety Institute Consortium under the department, the Commerce Department said.

CEO Alex Chriss told analysts the company's AI-heavy product rollouts won't improve financial results in the near-term.

As virtual assistants become central to banking, financial institutions of all sizes must embrace and leverage this transformation to redefine the customer experience.

Artificial intelligence promises to replace a large percentage of entry-level analysts, call center workers and others, while leaving most senior managers untouched.

Challenger banks, like traditional banks, are under pressure to operate with fewer expenses. Artificial intelligence is part of the answer, and the impact on the workforce may be profound.

Generative artificial intelligence could streamline numerous operations across the financial services landscape, from building investor presentations to processing regulatory and legal documents.

The recent leadership turmoil at OpenAI underscored the importance of the due diligence banks must conduct before working with a generative artificial intelligence vendor.

Financial services companies are still in the early days of utilizing artificial intelligence, meaning they must closely examine any partnership with a third party. This includes demanding evidence to back up any performance claims these outside companies make.

With the growing interest in generative AI, it seems inevitable that some banking jobs will change while others will be eliminated entirely.

As regulators repeatedly press banks and fintechs to make sure their artificial intelligence models aren't "black boxes" and comply with existing law, the burden is on lenders to prove they are making such efforts.