Independent Banker - November 2023 - 46

Wayne Miller: I think that today,
AI can be impactful in improving
customer service and support-
helping employees in the bank be
more productive and efficient, as
well as providing a platform for
internal learning and knowledge.
AI is quickly becoming a
standard in how we assess and
manage fraudulent activity as well
as helping bankers more efficiently
market their services to their
customers because they can better
understand their specific needs.
Saroop Bharwani: The concept
of AI has been in development
for eight decades, but a pivotal
moment occurred on Nov. 30,
2022, with the launch of ChatGPT.
[It demonstrated] the value of
generative AI and large language
models to the world.
The technology available to
bankers today is a form of AI that,
when given [an input], leverages
a statistical model to predict an
expected response, creating new,
context-relevant content. More
specifically, large language models
are very effective at predicting the
next word.
When you ask a question to
ChatGPT, it generates a response
by predicting the most likely
sequence of words to follow your
input by drawing on a vast corpus
of text it has been trained on across
the internet.
Within the next decade,
ubiquitous intelligence will be
accessible to everyone with a
smart device, effectively giving
everyone their own intelligent chief
of staff for a variety of tasks, from
organizing schedules, answering
emails, booking flights, refinancing
mortgages and performing
a host of other tasks across
banking workflows.
" It is important for banks to
understand what makes them unique
and worthy of their clientele and
pick AI applications that will help
them preserve the essence of their
brand while making the customer
experience better and processes
more efficient. "
-Slaven Bilac, Agent IQ
What risks should bankers
be aware of around AI?
Robert Johnston: Data quality
and availability are top of mind
when building viable and useful AI
applications. Machines can only
train on reliable data for the output
to be actionable. Great attention
is therefore required in building a
robust infrastructure for sourcing,
processing, storing and querying
the data. Not securing a chain of
custody for input data means AI
applications are at risk of generating
misleading output.
Community banks should be
aware of the limitations and " biases "
of any machine-learned prediction
and need to maintain visibility
into AI model characteristics, like
$407B
The value the AI
market is expected to
reach by 2027
Source: MarketsandMarkets
46 // ICBA Independent Banker // November 2023

Independent Banker - November 2023

Table of Contents for the Digital Edition of Independent Banker - November 2023

Contents
Independent Banker - November 2023 - Intro
Independent Banker - November 2023 - Cover1
Independent Banker - November 2023 - Cover2
Independent Banker - November 2023 - Contents
Independent Banker - November 2023 - 2
Independent Banker - November 2023 - 3
Independent Banker - November 2023 - 4
Independent Banker - November 2023 - 5
Independent Banker - November 2023 - 6
Independent Banker - November 2023 - 7
Independent Banker - November 2023 - 8
Independent Banker - November 2023 - 9
Independent Banker - November 2023 - 10
Independent Banker - November 2023 - 11
Independent Banker - November 2023 - 12
Independent Banker - November 2023 - 13
Independent Banker - November 2023 - 14
Independent Banker - November 2023 - 15
Independent Banker - November 2023 - 16
Independent Banker - November 2023 - 17
Independent Banker - November 2023 - 18
Independent Banker - November 2023 - 19
Independent Banker - November 2023 - 20
Independent Banker - November 2023 - 21
Independent Banker - November 2023 - 22
Independent Banker - November 2023 - 23
Independent Banker - November 2023 - 24
Independent Banker - November 2023 - 25
Independent Banker - November 2023 - 26
Independent Banker - November 2023 - 27
Independent Banker - November 2023 - 28
Independent Banker - November 2023 - 29
Independent Banker - November 2023 - 30
Independent Banker - November 2023 - 31
Independent Banker - November 2023 - 32
Independent Banker - November 2023 - 33
Independent Banker - November 2023 - 34
Independent Banker - November 2023 - 35
Independent Banker - November 2023 - 36
Independent Banker - November 2023 - 37
Independent Banker - November 2023 - 38
Independent Banker - November 2023 - 39
Independent Banker - November 2023 - 40
Independent Banker - November 2023 - 41
Independent Banker - November 2023 - 42
Independent Banker - November 2023 - 43
Independent Banker - November 2023 - 44
Independent Banker - November 2023 - 45
Independent Banker - November 2023 - 46
Independent Banker - November 2023 - 47
Independent Banker - November 2023 - 48
Independent Banker - November 2023 - 49
Independent Banker - November 2023 - 50
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Independent Banker - November 2023 - 77
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Independent Banker - November 2023 - 79
Independent Banker - November 2023 - 80
Independent Banker - November 2023 - Cover3
Independent Banker - November 2023 - Cover4
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