Machine learning

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.

How to use, govern and adopt AI were some of the main themes from the Monday event.

Financial institutions are generally familiar with ChatGPT, but other options exist such as language models sold by Anthropic and Cohere. Research firms, academics and others are racing to develop benchmarks for comparison shopping.

Banks handle vast amounts of data, and understanding and making the most of that data is key to staying competitive.

Some of the biggest names in banking have started using large language models to organize their institutional knowledge, but use cases like chatbots remain experimental.

The former presidential candidate shared his worst-case scenarios for artificial intelligence, as well as his opinions about bank chatbots and what he thinks of the U.S. political system, at American Banker's Digital Banking Conference.

The generative AI technology has been through a cycle of media buzz, disappointment and disillusionment. 

The bank will apply the company's AI first to its risk models, an HR avatar and a metaverse presence.