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- Can ChatGPT protect your money in the bank? 🏦
Can ChatGPT protect your money in the bank? 🏦
See how AI's role in banking and financial services is shaping up. Inside Everyday AI: Meta and Microsoft's huge open-source partnership, your AI answer to any question, and AI is bringing films back from the dead
Everyday AI
July 19, 2023
Outsmart The Future
Sup y’all!
If you can’t get enough AI and ChatGPT talks, you’re in luck!
I’m speaking tomorrow (Thursday) at the ai-is AI Summit. I've been cooking up something special to release. Join us -- it's free!
Hope to see ya there!
✌️Jordan
Today in Everyday AI
6 minute read
🎙 Daily Podcast Episode: How can you protect your money from AI attacks? By fighting it with AI, duh. Today we’re learning secrets about AI in banking and financial services. Give it a listen.
🕵️♂️ Fresh Finds: An AI-powered sales engagement platform, Microsoft stocks soar after pricing announcement for their new Gen AI tools, and AI is bringing film stars back from the dead? Read on for Fresh Finds.
🗞 Byte Sized Daily AI News: Meta and Microsoft’s new open-source Lllama 2 partnership, Elon Musk thinks AI will be our best friends and ChatGPT says no to facial recognition. For that and more, read on for Byte Sized News.
🚀 AI In 5: Ever wished you could consume TONS of content in the span of 5 minutes? Well you can…and we show you how.
🏆 Digital Drops Giveaway: Tick tock. Your chance to win free ChatGPT and 6 training sessions is ticking away. Enter now
🧠 Leveraging AI 101: Ok so there’s actually a lot going on with AI in banking and financial services. But what does that mean for YOUR money? We got you. Keep reading for that!
↩️ Don’t miss out: Missed out on yesterday’s newsletter? We talked about how you can boost your sales with AI, Wix’s new AI web builder, and a new AI-backed Chrome extension to bring your brand voice anywhere. Check it here!
Using AI to Improve Banking and
Financial Services 💸
All we ever talk about is how AI can help you make more money.
Seriously, it’s the next best thing to a money-growing tree!
But what can it do to help improve the way we manage and deal with the money we already have in the bank?
Today, Nazia Raoof, who works as a technology leader in financial services, joins us as we delve into the world of banking and financial services and explore how AI can be used to improve these industries.
What’s gonna happen when AI has its techy little paws all over our hard-earned cash?
Join the conversation and ask Nazia and Jordan any questions you have about AI and financial services here.
Also on the pod today:
• Financial firms adapting to AI 🔀
• ChatGPT as a tool for financial advisors 🧑💼️
• AI's risk for financial institutions' security 🔓
It’ll be worth your 21 minutes:
Listen on our site:
Click to listen
Subscribe and listen on your favorite podcast platform
Listen on:
Upcoming Everyday AI Livestreams
Thursday, July 20th at 7:30 am CST ⬇️
Here’s our favorite AI finds from across the web:
New AI Tool Spotlight – Reply.io is your AI-powered sales engagement platform that lets you automate multichannel communication, SEOBox finds you personalized PR & link-building opportunities from across the web and Proddy.io is an AI-powered product documentation assistant that acts as your product manager.
Pop Culture – AI is bringing film stars back from the grave. Cool or creepy?
Big Tech – Google is bringing AI backgrounds to your next Google Meet. (Zoom… you there?)
Future of Work – What’s it like to train your AI replacement? ‘Really crazy’ according to this NY Times account.
Business of AI – Microsoft stock soars after it announces $30 per month price for Gen AI tools inside Microsoft 365, like Copilot.
1. Meta and Microsoft's LLaMA 2 👀
Meta and Microsoft are teaming up to introduce the second generation of LLaMA, an open-source AI that's giving OpenAI a run for its money. What’s this mean? Meta is serious about claiming its stake in the AI race. LLaMA 2, trained on 40% more data than its predecessor, is now free for both research and commercial use.
2. Bing Chat’s New Enterprise Version 🔒
Microsoft is introducing Bing Chat Enterprise, an AI-powered chat tool designed to protect sensitive business data while boosting creativity and productivity. Bing Chat Enterprise provides complete, verifiable answers with citations and visual aids. Guess there’s a reason why Microsoft’s stock is soaring!
3. Elon Musk Views AI as Humanity's BFF 💕
Elon Musk is now steering his own AI venture, xAI, towards creating an AGI (artificial general intelligence) that's as smart as a human. His goal? To build an AI that is "maximally curious and truth-seeking," and, in his words, finds humanity more interesting than not.
4. Silicon Valley Could Take Over Hollywood? 🎬
Hollywood's in a three-way tussle as the Writers Guild of America strikes against studios over AI's threat to creative professionals, while Silicon Valley lurks, ready to swoop in on the industry's profits. Studios are eyeing AI tools like ChatGPT as a way to cut costs but some fear that this could lead to Silicon Valley gaining control of profits.
5. OpenAI is Against Facial Recognition 🚫
OpenAI is taking a stand against facial recognition, masking faces in images and preventing its AI model GPT-4 from processing them. This move is aimed at preventing misuse of GPT-4 for facial recognition. Will Big Brother find a way to use it for that purpose anyway? We’ll see.
Your AI Answer To Any Question 💭
Meet the powerful AI chat you've never heard of: Perplexity! 🧠
It's time to uncover this hidden gem.
Perplexity is an AI chat that's making waves in the AI world. But what makes it so special? And how can it make your job easier?
(Hint: it really doesn’t lie or hallucinate like other AI chats)
We got you with today's AI in 5
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🤷♂️ What’s Going On and Why It Matters:
A discussion on AI in the banking industry: not for you, right?
You might be thinking, "Why should I care? I'm not crunching numbers in a cubicle!"
Wrong.
You’ve got money.
So you should pay attention to today’s discussion. Even if your day-to-day has nothing to do with the financial sector, changes in the AI sector impact us all.
Nazia Raoof, who works as a technology leader in financial services, tells us why.
Trust us — in today’s discussion, we’ve unlocked the hidden powers of generative AI in the financial sector, the strategic battles against fraudsters trying to take your money, and what the future of banking may look like.
That future?
Nazia mentions more personalized loan assistance, better AI-backed fraud detection, personalized banking recommendations, and more.
Guard your wallet, and let’s dive in y’all.
🦾How You Can Leverage:
Got it.
Generative AI is actually SUPER important for all of us.
(But for real now, can we use some of this cool new generative AI to get better automated systems for banks? Those bot agents are SOOOOOO 1995. Aren’t we all tired of barking ‘human!’ ‘Representative!’ And ‘Help!’ Over and over! Ok rant over, back to leveraging all this!)
Whether you’ve seen it or not, AI has been used in the banking and financial industries for decades with deep learning and machine learning.
But how will newer generative AI advancements, like ChatGPT, impact our financial lives?
Let’s take a look. And get you prepared.
1 – Smarter support agents 🤝
We already ranted about this above, but Nazia mentioned generative AI being a HUGE boost in customer support. Chatbots have been around for a decade. But smart, GPT/AI-powered assistants? Yes please.
Try this:
Your bank may already have a smart, GPT-powered assistant. Bank of America has a smart assistant named Erica, and Wells Fargo has its creatively named Fargo assistant.
2 – Better banking with AI 🏦
Outside of customer support, big banks and wealth management firms are already starting to introduce AI into their basic offerings.
Whether it’s beefed up privacy protection or better machine learning models, banks are embracing the trend. Let’s be real — AI and GPT-powered money management is the wave of the future.
Try this:
Get familiar with how your financial institutions are already using AI. As an example, Nazia mentioned JP Morgan Chase’s IndexGPT. Others to look at, Wells Fargo is using AI assistants and Capital One is doubling down on machine learning to prevent fraud.
3 – Your trusted (robot?!) advisor 🏦
Weird or smart to give AI a blank check to manage your 401K?
So AI is helping with customer support and GPT can help us better manage our money. But what about investments? Can new generative AI out-analyze the best financial advisory firms?
Actually, GPT is already better than traditional models that have been used for decades. Kinda badly, actually.
Charles Schwab is using AI in building portfolios.
Try This:
Lean into these new AI advancements and see if your bank or financial advisor has any AI support like the examples above.
Don’t be afraid to look into it and see what they have to say about AI.
Then when you feel confident, give it a try!
Now This …
Now go hand over your money to the next robot you see and tell em thanks!
Haha ok maybe not just yet…
Let us know your thoughts on AI and banking with a reply!
Join the conversation