Independent Banker - September 2023 - 26
PORTFOLIO
ď…€FOCUS TECHNOLOGY
Generative AI in
banking: What's
the risk?
Generative AI, such as ChatGPT and Jasper, is growing and
evolving rapidly. How can community banks leverage this
technology while avoiding scams? By Beth Mattson-Teig
enerative AI has become a
popular, easily accessible tool
that can write reports, music or even
fix computer code. But financial
institutions are also dealing with the
darker side of generative AI, including
more sophisticated cybercrime and
employee missteps that may expose
confidential information.
ChatGPT has become the poster
G
child for generative AI, but there's a
rapidly growing list of user-friendly
generative AI tools, including
Synthesia for video and Replica for
audio formats.
However, it's still early days for
bank employees who are starting
to use generative AI within the
workplace. They might be looking for
efficiencies, such as using the tool to
write a blog for a social media page
or research a topic for a presentation.
Yet generative AI is moving more
and more into everyday use at an
explosive pace that is keeping bank
leadership teams-not to mention
regulators-on their toes.
" The biggest question for bank
executives is how do we really take
this bull by the horns and get a layer
of control? " says Saroop Bharwani,
cofounder of Senso.ai, a firm that
aligns enterprise knowledge with large
language models for the financial
services industry, and cofounder
of First Principles AI, an initiative
dedicated to providing executives in
the financial services industry with
the knowledge and skills needed to
compete in the age of AI. That control,
he says, starts with education and
really understanding the technology.
How does generative AI work?
One of the most pressing issues
surrounding the use of generative
AI in highly regulated industries is
26 // ICBA Independent Banker // September 2023
http://www.Senso.ai
Independent Banker - September 2023
Table of Contents for the Digital Edition of Independent Banker - September 2023
Contents
Independent Banker - September 2023 - Cover1
Independent Banker - September 2023 - Cover2
Independent Banker - September 2023 - Contents
Independent Banker - September 2023 - 2
Independent Banker - September 2023 - 3
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