Session Summary from the 2023 ABA Annual Conference
The session titled "Generative AI: Potential or Peril" provided a comprehensive exploration of cutting-edge AI tools and their capabilities, with a focus on written, image-based, and spoken output. The session aimed to showcase the immense potential of these tools to enhance efficiency and improve customer experiences. However, it also underscored the need for responsible use and robust security measures to mitigate potential risks associated with this technology.
The panel featured three notable speakers who provided insights into the various facets of generative AI:
- Brooke Ybarra, Senior Vice President, Innovation and Strategy, American Bankers Association: Brooke began the session with a high-level introduction to generative AI, explaining how it works and offering examples of questions and outputs generated by AI models like ChatGPT. This set the stage for the audience to understand the technology's capabilities and applications.
- Paul Benda, Senior Vice President, Operational Risk and Cybersecurity, American Bankers Association: Paul shed light on the potential risks and negative use cases of AI. He emphasized the dangers of deep fakes, where AI can convincingly mimic someone's voice, posing a threat to security measures like voice-based passwords for bank accounts. Additionally, he highlighted the concern that AI could be manipulated to write malicious code, such as a trojan horse, by crafting specific prompts.
- Benjamin Wallace, Chief Executive Officer, Summit Technology Group: Ben discussed the positive use cases for AI in small business lending. He pointed out that AI could significantly expedite the gathering of information on specific businesses and provide industry analysis for credit memos during lending due diligence. Currently, bankers often generate this information manually, a time-consuming process. With AI, such data could be generated within seconds, streamlining the lending process and improving efficiency.
The session effectively presented the dual nature of generative AI, showcasing its remarkable potential to transform various aspects of business operations, particularly in the banking sector, while also acknowledging the necessity of vigilance and security measures to safeguard against misuse. The discussion underscored the importance of responsible AI usage and the need for organizations to be proactive in addressing potential risks and challenges posed by this powerful technology.
To learn more - reach out to Loughlin Cleary at firstname.lastname@example.org.