The rapid advancement of artificial intelligence, particularly generative AI tools like ChatGPT, is ushering in a new era of financial fraud. Malicious actors are leveraging these technologies to craft more convincing and sophisticated scams, putting consumers and institutions at greater risk than ever.
Topics: A.I., Artificial Intelligence, fraud
The banking industry’s reaction to recent advances in artificial intelligence (AI) platforms such as OpenAI’s ChatGPT and freshly released GPT-4 has been a mix of excitement and caution.
Morgan Stanley is among the banner clients of GPT-4, using it to enhance its internal knowledge base and handle federated search capabilities for its wealth management personnel. JPMorgan Chase, in contrast, has tried to restrict employee use of ChatGPT. We believe adoption is inevitable, especially after Microsoft integrates GPT’s capabilities into its Office products.
Topics: Vendor Contract Negotiation, AI, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Large Language Models, ChatGPT
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Conversational artificial intelligence (AI) has been one of the hottest areas in fintech for nearly a decade, with an array of startups executing on a vision originating from 1950s science fiction. Initially, the “conversation” was limited to text chatbots, but more entities, including financial institutions, have implemented voice-enabled chat, offering real-time responses and support for queries made over the phone and through devices like Alexa and Google Home.
Topics: Vendor Contract Negotiation, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Conversational AI
