AI "docks" the bank
In the future world of artificial intelligence, computers can do most of the work for humans. They can diagnose diseases, go shopping, operate vehicles or even cook dinner for us.
But what is most concerning is the fact that experts say AI can cause disruption in the workplace, creating risks for workers, employers and customers.
Industry experts and companies investing in the technology say AI will not completely replace humans anytime soon. But jobs are transforming as AI becomes more accessible.
"Every job will be impacted by AI. Most of it will augment rather than replace workers," said Pieter den Hamer, research vice president for artificial intelligence at the market research firm. Gartner said.
Den Hamer emphasized that office jobs are likely to suffer the biggest impact in the near term, as AI is applied at a relatively low cost compared to implementation in manufacturing plants.
In addition to jobs like writing, AI is landing in big banks, sanitize back-end operations, cybersecurity, and powering chatbots that could threaten the jobs of human employees.
The Royal Bank of Canada says it is testing generalized AI to help build software faster. Martin Wildberger, AI's executive vice president of innovation and technology, says AI can help developers find code they can reuse for new products or write new code.
Financial firm Capital One says AI and machine learning are at the heart of its engineering workforce. The bank holds patents on AI for fraud detection and natural language processing.
Several other banks are aiming to provide personalized financial advice and products, speeding up fraud detection for instant alerts and reminding users of specific bills or expenditures.
Abhijit Bose, senior vice president at Capital One, says AI could soon be monitoring transactions to provide personalized financial advice, spending and savings insights, or quick alerts on deviations from normal spending habits.
ChatGPT will take away the job of bankers?
Morgan Stanley recently began testing OpenAI's GPT-4 powered chatbots - the new generation of ChatGPT - with 300 advisors to help the company easily collect data and research. The company plans to expand to 16,000 advisors in the coming months.
According to Forbes, with the rise of AI, banks can now leverage tools like ChatGPT to sanitize productivity, streamline operations, and enhance services.
In addition to chatbot customer support, responding to queries, complaints and information requests quickly and efficiently, ChatGPT can assist banks in detecting and preventing fraud by analyzing large amounts of data. transactions and identify suspicious patterns.
This can help banks protect customer assets and reduce losses due to fraud. Bankers can even set up alerts so that security professionals are notified of suspicious activity.
Loan origination is a complex multi-step process, including customer data collection, credit score analysis, risk assessment, and loan application processing.
By leveraging ChatGPT's machine learning and language processing capabilities, banks can automate many of these tasks, making loan origination quicker and easier for customers and employees alike. banker.
Once a customer applies for a loan, ChatGPT can provide real-time guidance and support throughout the process. The model can then help banks collect customer data, analyze creditworthiness, and provide real-time feedback on loan applications.
With ChatGPT's ability to analyze massive amounts of data and make accurate predictions, banks can reduce default risk and make informed decisions about loan approval.
Banks can also provide customers with a 24/7 virtual assistant to help manage accounts, pay bills and execute transactions.
But financial institutions are also cautious about this direction. AI can pose risks such as frustrating customers with too much automation, violating privacy laws about personal financial data, and potentially discriminating against low-income people.
