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Editor’s Picks: Prime AI options of 2023

Every month, the Financial institution Automation Information editorial workforce does a deep dive into subjects related to the banking business and, this 12 months, AI dominated the headlines. From AI-driven credit score decisioning to implementation and generative AI, FI executives shared how the expertise is altering the business. 

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Following are the editors’ favourite AI options of 2023:  

Construct, purchase, each? A hybrid strategy to AI 

Purchase-versus-build is a typical query when discussing AI inside monetary establishments. FIs together with Barclays, Citi, Deutsche Financial institution, HSBC and JPMorgan weighed in on how they’re investing within the expertise — most taking a hybrid strategy on shopping for in-house and deciding on third-party distributors to offer the expertise. 

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Promise and peril: Equity in AI-based lending 

Monetary establishments this 12 months appeared to AI and automation to hurry up processes and add efficiencies. Nonetheless, when implementing AI-driven decisioning, FIs wanted to contemplate biases and compliance. That’s the place massive language fashions, explainability and information coaching are wanted.  

AI for FIs: ChatGPT and past 

The finance business explored generative AI expertise corresponding to implementing it inside buyer help, fraud detection, pure language processing and language translation. Moderately than simply tapping ChatGPT, FIs have since rolled out their very own generative AI applied sciences for inside and client-facing chatbots.  

Generative AI makes use of in finance will proceed to floor in 2024 because the expertise adapts and FIs spend money on it.  

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Prepare for the Financial institution Automation Summit U.S. 2024 in Nashville on March 18-19! Uncover the newest developments in AI and automation in banking. Register now. 

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