How to mitigate risk and consumer fear as banks adopt GenAI
Backers are convinced that generative artificial intelligence can improve banking services and efficiency in numerous ways. But can the industry achieve both without exposing customers to data hacking or falling victim to AI 'hallucinations'? Mastercard research takes a deep dive into the key dilemmas.
The report: Generative AI: The Transformation of Banking
Published: December 2023
Source: Mastercard
Why we picked it: A good deal of what’s written about ChatGPT and other forms of generative artificial intelligence amounts to fanfare — and by that we mean fare for fans. Some authors exhibit not the slightest skepticism or caution about GenAI.
Mastercard’s “paper” — actually, it’s a long interactive web presentation — presents a positive yet balanced picture. The report focuses exclusively on banking and is a companion to the company’s earlier report about GenAI’s potential impact on commerce. It details what the banking industry could gain from adopting GenAI (especially large language models like OpenAI’s ChatGPT family) in 10 areas, ranging from talent-spotting and marketing to the creation of next-generation chatbots. The flip side concerns multiple risks GenAI users — and their customers — will face.
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