Inside Varo Bank’s gen AI co-pilot build-out

Varo Bank is building generative AI co-pilots by tapping internal tooling and Amazon Web Services . The $486 million digital, cloud-first bank is using AWS’ Bedrock to build generative AI applications and foundations, Viral Parikh , head of data at Varo, told Bank Automation News at Bank Transformation Summit 2024 in Charlotte, N.C. A co-pilot is an AI assistant that allows organizations to accomplish tasks faster, according to tech provider Salesforce . San Francisco-based Varo is starting out with the following co-pilot applications: [caption id="attachment_57377209" align="alignright" width="237"] Courtesy/Bank Automation News[/caption] Improve the chatbot experience; Assist agents; and Deploy summarization. “We want to start slowly,” Parikh said of the co-pilot initiative, noting that the priority is to invest in what “has the most impact from a business and financial point of view” for the bank. While there is no set timeline on when the co-pilots will be ready, the bank aims to have multiple gen AI co-pilots in place in the next eight to 12 months while keeping compliance and regulatory hurdles in mind, he said. Co-pilots in action Varo joins other institutions in its co-pilot efforts. The following FIs have deployed them within their operations in the past year: The $1.9 trillion TD Bank is piloting its gen AI co-pilots to assist its software engineers and customer service representatives alike. The $219 billion Citizens launched Digital Butler in Q4 2023, which allows customer service representatives to record and summarize calls. In July, the $49 billion Frost Bank tapped LivePerson ’s AI co-pilot, which provides call center agents with prompts and call summarization tools. Register here for early-bird pricing for Bank Automation Summit 2025, taking place March 3-4 in Nashville, Tenn. View the full event agenda here .

Inside Varo Bank’s gen AI co-pilot build-out

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Inside Varo Bank’s gen AI co-pilot build-out

Banking Transformation Summit 2024

Apple Pay, other tech firms come under CFPB regulatory oversight

Nvidia using AI to make AI chips

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