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Banks Use Generative AI to Improve Internal Operations and Efficiency

Banks Use Generative AI to Improve Internal Operations and Efficiency

CointimeCointime2024/11/27 08:23
By:Cointime

Banks are utilizing generative AI to improve their internal operations, with BBVA's 'GPT store' and JPMorgan's 'LLM Suite' being examples of platforms where employees can create and access AI-driven tools to solve everyday challenges. This approach prioritizes agility, customization, and ownership, and indicates a dedication to incorporating AI throughout the organization. Morgan Stanley has also implemented custom AI solutions tailored to its workflows to improve internal communication and collaboration. However, implementing generative AI in the financial industry poses challenges such as data security, managing the risks of bias and inaccuracies, and cultural shifts within organizations. Banks must prioritize change management and invest in testing and validation processes to ensure reliability and fairness.

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