A confluence of macroeconomic factors and technological innovations like Gen AI may lead to some important changes in the world of banking.
If the current proof of concepts are any indication, Gen AI will impact how banks deal with policy changes, legacy infrastructure and impact their bottom line through dynamic pricing.
Gen AI is shiny, new, and promising, but for most of last year, the technology has been unable to find its way into deployment and is currently in the testing and ideation phase in banking.
Will 2024 be any different for Gen AI and who is in the best position to leverage it?
Banks find themselves in a challenging position as they aim to strike a balance between unlocking the potential of AI amid growing concerns about data privacy, bias, and the proliferation of disinformation.
Still in its formative stages, Gen AI is evolving, propelled by the initial steps of formulating federal standards that underscore the importance of AI safety, reliability, and risk and development considerations.
Meriwest Union has launched its own digital assistant called Scout, with a whole marketing campaign designed around it.
Credit unions have generally been much faster than banks at two types of technological adoption: APIs and digital assistants. Scout's launch is the credit union's attempt to pad out its digital offering.