Each month, the Bank Automation News editorial team does a deep dive into topics relevant to the banking industry and, this year, AI dominated the headlines. From AI-driven credit decisioning to implementation and generative AI, FI executives shared how the technology is changing the industry.
Following are the editors’ favorite AI features of 2023:
Build, buy, both? A hybrid approach to AI
Buy-versus-build is a common question when discussing AI within financial institutions. FIs including Barclays, Citi, Deutsche Bank, HSBC and JPMorgan weighed in on how they are investing in the technology — most taking a hybrid approach on buying in-house and selecting third-party vendors to provide the technology.
Promise and peril: Fairness in AI-based lending
Financial institutions this year looked to AI and automation to speed up processes and add efficiencies. However, when implementing AI-driven decisioning, FIs needed to consider biases and compliance. That’s where large language models, explainability and data training are needed.
AI for FIs: ChatGPT and beyond
The finance industry explored generative AI technology such as implementing it within customer support, fraud detection, natural language processing and language translation. Rather than just tapping ChatGPT, FIs have since rolled out their own generative AI technologies for internal and client-facing chatbots.
Generative AI uses in finance will continue to surface in 2024 as the technology adapts and FIs invest in it.
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