What bank execs are saying about gen AI
CapOne, Synchrony, WestPac offer implementation advice
Banks are identifying uses for generative AI and finding ways to make it effective and responsible.
According to a Dec. 11 report by consulting giant EY, 100% of respondents said they are either already using or plan to use generative AI within their institutions. The report surveyed 300 executive directors, managing directors or higher at financial organizations with more than $2 billion in revenue in August 2023.
FIs, including $190 billion KeyBank and $890 billion NatWest, are discussing gen AI implications within the industry. This is what they are saying:
Capital One
Capital One President of Financial Services Sanjiv Yajnik unpacked how to approach generative AI at American Financial Services Association 2024 Vehicle Finance Conference and Expo in Las Vegas last week.
“Make the jump, be careful about timing,” he said, add that generative AI is changing industries, it’s changing jobs and professions, and it’s “not just another tool.”
FI leaders must be prepared, Yajnik said, offering three ways to approach generative AI:
- Understand the definitions of AI and generative AI.
- Ensure the financial institution’s data is organized.
- Ask the right questions of AI vendors regarding explainability.
Synchrony Financial
Meanwhile, Synchrony Financial ran an internal generative AI hackathon recently to garner ideas from across the institution on potential generative AI applications, Mike Storiale, vice president of innovation development at Synchrony, told Bank Automation News.
“That hackathon that we ran was actually the largest internal hackathon that we’ve ever held from people across the business, which just shows how excited people are about the potential use cases of generative AI,” he said. “
In the 24-hour session, the FI focussed “heavily on how we facilitate innovation across the business,” he said. Synchrony runs four to five hackathons on various topics annually.
Opening up innovation allows all business units to express points of friction and identify uses throughout the institution, Storiale said.
Synchrony views generative AI as “an enabler technology,” he said. “There’s not going to be a team responsible for generative AI,” rather, it’s an operational effort.
WestPac
Australia-based WestPac has invested in fintech Kasisto’s KAI-Answers “which will assist our people to access up-to-date information quickly and easily,” WestPac Chief Technology Officer David Walker told BAN.
The bank also has more than 1,000 engineers using generative AI to write code, he said, adding that “responsible implementation is critical.”
“It shouldn’t be innovation at the expense of the security of our people, our customers or the community,” he said.
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