AI Report Digital - Flipbook - Page 6
and/or prevention; additionally, around 50% saw enhancing sales
capabilities or credit underwriting as potential applications.
Less than a quarter of respondents to the survey said their institution was already using artificial intelligence or machine learning
AI Use Cases Explored
by Banks
for fraud detection and/or prevention, with another 15% reporting
Customer service
cies within the institution; 32% said they used robotic process
82%
they were integrating it into the technology stack. The previous
year, 19% reported using those technologies to generate efficienautomation, which is generally used to automate repetitive tasks.
Fraud detection/prevention
79%
Enhancing sales capabilities
The Impact of Generative AI
Artificial intelligence is not a new concept, and technology powering today’s applications has been in development for years, if not
50%
Credit underwriting
decades. Financial institutions may already be using AI technology
via vendors that have added AI-powered capabilities in their offerings or in more limited applications within the organization. But
47%
one recent major development in AI — both as a technology and
in capturing the attention and dollars of businesses and the public
Source: Bank executives and board members
responding to Bank Director’s 2023
Technology Survey
— has been generative AI.
“Generative AI has really changed the game around AI in terms of
accessibility,” says Daragh Morrissey, director of AI at Microsoft
Worldwide Financial Services. “You don’t need to be a [big] Wall
Street bank anymore to get this capability into the hands of your
56%
of executives and board members
said their banks’ leaders had
discussed allocating budget or
resources to AI.
Source: Bank Director’s 2023 Technology
Survey
company.”
Broadly, generative AI is trained on large data sets and produces information that users understand via text, software, images,
sounds, video and other media. The public’s imagination was captured by the fall 2022 release of ChatGPT, which is a chatbot
developed by OpenAI and powered by a large language model
called GPT-4. A report from the Swiss bank UBS estimated that
ChatGPT reached 100 million monthly active users by January
2023, two months after launch, according to Reuters.
Microsoft Corp., which sponsored this report, began investing in
OpenAI in 2019; the company announced an additional multibil-
$21.4B
investment in generative AI in
2023, through Sept. 30, 2023
lion-dollar, multiyear investment in January 2023. The firm said
the partnership would extend Microsoft’s “ongoing collaboration
across AI supercomputing and research.”
Generative AI is seen as an especially promising technology,
Source: Pitchbook
but there are limits. Public chatbots can produce results that
aren’t accurate or real. In its 2023 annual report, the Financial
4 | FINXTECH INTELLIGENCE REPORT
