A Generative AI Decision-Making Guide for Community Banks and Credit Unions

Read the original article from Financial Brand here.

Here is a brief summary of the article:

• Generative AI technology creates new content based on what it has learned from existing content.
• LLMs enable us to exchange information with machines in our native language, dramatically improving the efficiency ratio in the financial sector.
• Incorporating LLMs for tasks like answering customer queries leads to reduced operational costs, better customer experience, decreased training costs, operational speed, and increased revenue opportunities.
• In the next decade, ubiquitous intelligence will be accessible to anyone with a smart device, and we can expect the rise of intelligent general assistants and specialized autonomous agents in the financial sector.
• Generative AI is poised to unveil unforeseen opportunities that go beyond the realms of current tools like ChatGPT, and this progress is accelerating at a rapid pace.