Weighing AI Benefits Against Risks: ChatGPT Applications for Banks Step-by-Step

ChatGPT in Finance and Banking. Understand the opportunities and risks of AI

Financial institutions should be much further along than they are in integrating artificial intelligence (AI) such as ChatGPT into their daily operations.  Likely they are moving so cautiously because of their regulatory compliance concerns and what they perceive as potentially the increased business risks associated with AI. Both are important considerations, but the potential benefits to be derived from ChatGPT and other forms of AI are too great to ignore. The risks can be managed with strong policies and procedures and other necessary controls. ChatGPT offers community banks and credit unions the potential to improve their financial performance and reduce risks in a way that until now has only been available to their larger competitors.

ChatGPT is a type of AI that can generate human-like text and computer code in response to a user's prompts. It is useful for tasks such as generating content, analyzing large volumes of data quickly and accurately, answering questions, engaging in conversations, and providing explanations. It is a tool for improved decision-making, and banks are now only beginning to consider its many different financial institution applications.

Please join Michael Marcucci CRC, CIA, a ChatGPT consultant with more than 30 years of credit risk experience when he discusses the risks and opportunities of AI, provides a bankers overview of how AI and ChatGPT work, and offers step-by-step guidance, best practices, and examples for using ChatGPT for improved credit analysis, CRA, customer service, internal audit, etc.

During this informative webinar, our expert speaker will discuss:

• Adopting strong AI and ChatGPT policies and procedures and other important controls
• Benefits and risks associated with using ChatGPT in a banking environment
• An overview for bankers of ChatGPT basics
• Step-by-step guidance and use case examples of using ChatGPT for credit analysis, CRA analysis, customer service, and internal audit
• Q and A session

Introduction to Artificial Intelligence (AI)

• Objectives of the Webinar and a Brief Overview of AI in Banking
• Discussion of AI in Banking
• Non-Technical Overview AI and Its Component Parts for Bankers
• Brief History and Evolution of AI and specifically ChatGPT within our world today
• Definition of ChatGPT and What it Can Do for Banks and Credit Unions
• Basics of AI. Focus on the evolution of AI in the context of technology and universal
  digitalization
• Key Components of AI: Machine Learning, Natural Language Processing
• Key Vocabulary and Why words, metaphors, and basic concepts are table stakes
• Data: Structured vs Unstructured
• Prompts

Practical Applications of ChatGPT in Banking

• Customer Service and Support
• Chatbots and Virtual Assistants
• AI-driven Customer Service Automation
• Lending
• Small Business – Structured Data
• Commercial Lending – Unstructured Data
• Real-Time Video example
• Audit
• Analytics
• Outliers
• Real-Time Video example
• CRA
• Fair Lending is now!
• New Regs raise the bar...and are data-rich
• Real-Time Video example

Challenges and Ethical Considerations

• AI and Chat GPT can hallucinate
• Data Privacy and Security
• Ethical Implications of AI in Banking
• Regulatory Compliance and AI
• Policy and board approval: Delegation of Function vs Responsibility

Conclusion / Q&A

• Preparing for the Future: Skills and Knowledge
• Finding Free stuff!
• Q&A