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Every month, the Financial institution Automation Information editorial crew does a deep dive into matters related to the banking trade and, this yr, AI dominated the headlines. From AI-driven credit score decisioning to implementation and generative AI, FI executives shared how the know-how is altering the trade.
Following are the editors’ favourite AI options of 2023:
Construct, purchase, each? A hybrid method to AI
Purchase-versus-build is a typical query when discussing AI inside monetary establishments. FIs together with Barclays, Citi, Deutsche Financial institution, HSBC and JPMorgan weighed in on how they’re investing within the know-how — most taking a hybrid method on shopping for in-house and deciding on third-party distributors to offer the know-how.
Promise and peril: Equity in AI-based lending
Monetary establishments this yr seemed to AI and automation to hurry up processes and add efficiencies. Nevertheless, when implementing AI-driven decisioning, FIs wanted to contemplate biases and compliance. That’s the place giant language fashions, explainability and knowledge coaching are wanted.
AI for FIs: ChatGPT and past
The finance trade explored generative AI know-how comparable to implementing it inside buyer help, fraud detection, pure language processing and language translation. Quite than simply tapping ChatGPT, FIs have since rolled out their very own generative AI applied sciences for inside and client-facing chatbots.
Generative AI makes use of in finance will proceed to floor in 2024 because the know-how adapts and FIs spend money on it.
Prepare for the Financial institution Automation Summit U.S. 2024 in Nashville on March 18-19! Uncover the most recent developments in AI and automation in banking. Register now.
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