The Transformative Opportunities and Threats of AI in Banking and Payments
Artificial intelligence (AI) as a field of study has existed since the 1950s and has been used in banking applications for decades. The recent launch of consumer-accessible AI soluƟons powered by ChatGPT, Bard, and lesser-known opƟons including Perplexity AI, Jasper Chat, Colossal Chat, or image generators DALL-E and Midjourney (plus many others), brought the technology to the forefront. With the popularizaƟon of these services accompanied by substantial hype, the collecƟve conversation has turned to the enormity of AI’s potential that, if realized, is nothing short of revoluƟonary. Discussions include AI’s ability to solve complex issues that can speed up the development of lifesaving medical findings to the other end of the spectrum, fueling a robot uprising that will destroy mankind, and everything else in between.