Banks in Wisconsin explore the use of AI

»Everything You Need to Know about ChatGPT Webinar, July 13; register at wisbank.com/ChatGPT learning, to formulate humanlike responses.

» The Benefits and Challenges of AI

Because ChatGPT is trained using free, unfiltered data sourced from across the internet, many are skeptical of its reliability and validity. However, it is important for users to acknowledge that many systems are programmed, using the desired or relevant algorithms and data, by humans. As many begin to harness the capabilities of AI, the benefits (and challenges) are becoming evident.

» Logic and Creativity

Rather than be influenced by emotion, most AI models only have the aptitude to make logical decisions. This capability, which may be beneficial in removing some forms of bias, may not consider the full picture of the data presented. In addition, the lack of emotion may result in less creative solutions.

» Human Connection

Unlike humans, AI is constantly available. While ensuring customers have around-the-clock access to the organization and its services is key in combating competition, many are concerned that AI may result in less human interaction or replace humans in the workforce.

Rise of AI in Banking

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AI has the potential to conduct research, translate languages, create messages, and write job descriptions — among so many other possibilities.

» Privacy and Risk

American Banker stated that nearly 80 U.S. financial institutions reported a data breach in 2022. As increasingly more banks look to incorporate AI to analyze large swaths of data, the risk of personal information falling into the wrong hands rises. Because the security measures of ChatGPT, and other models, are determined by the organization or platform hosting the software, businesses should ensure that their risk management practices are up to date and monitored regularly.

» Implementation/Adaption

Although AI can minimize repetitive and time-consuming tasks, banks should first consider how employing new AI programs may interact with existing software. Additionally, if the adaption process requires extensive effort for both employees and customers, AI may not be the right solution.

» Regulation

As of this writing, financial regulators have not yet published a comprehensive set of AI-related rules. However, banks are reminded that existing regulation may apply. Several agencies — including the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) — are encouraging banks to engage with AI to determine its usefulness within their organization.

As more individuals throughout the country become aware of AI, it is important that bankers in Wisconsin closely follow its advancements and challenges as well as continually explore the ways in which systems, such as ChatGPT, may impact their business, staff members, and customers. While ChatGPT may be just the latest trend, there is no doubt that AI has already left a lasting effect on the power of technology.

We asked ChatGPT: What’s the best boy band of the ’90s?

ChatGPT’s response…The ’90s saw the rise of several popular boy bands, each with their own dedicated fanbase. While opinions may vary, one of the most widely regarded and successful boy bands of the ’90s was the Backstreet Boys. Formed in 1993, the group achieved significant commercial success with hits like “I Want It That Way,” “Everybody (Backstreet’s Back),” and “Quit Playing Games (with My Heart).” They became global sensations and had a massive impact on pop culture during that era. Other notable boy bands of the ’90s include *NSYNC, Boyz II Men, and New Kids on the Block, each with their own devoted following. (Learn more at chat.openai.com.)