Credit, wealth management, fraud… How AI is already revolutionizing banks

2023-09-21 18:57:35

Par Ingrid Vergara

Published 2 hours ago, Updated 2 hours ago

The new capabilities of generative artificial intelligence will open up other potentials in the banking sector. Pungu x – stock.adobe.com

SURVEY – For the financial industry, these models enable a jump in productivity and open up new potential.

A “Sputnik effect”. This is how the major European banks experienced the release of ChatGPT on November 30, 2022, which took the whole world by surprise. However, artificial intelligence (AI) is not a new subject for the financial sector, which has been using deep learning and “big data” technologies for several years. But the new capabilities of generative AI suddenly open the doors wide to other potentials. Because the financial industry is sitting on mountains of data. “Beyond reports and figures, the mass of emails and conversations are mines of information exploitable by generative AI, which will be of great use to the entire financial industry”explained Manuela Veloso, director of artificial intelligence research at JPMorgan Chase, last Thursday at the AI ​​for Finance event in Paris. “The impact of AI will be very significant, potentially comparable to the advent of the internet”

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