“Mitigating the risk of extinction by artificial intelligence must be a global priority alongside other societal-scale threats such as pandemics and nuclear war.” The short and direct recommendation of the Artificial Intelligence Security Center (Cais) – a non-profit institution that has among its members the founder of OpenAI, Sam Altmanand executives of Microsoft It is Google – resounded in recent days as a warning.
The theme gained even greater proportion when U.S It is European Union announced the creation of a code of Conduct volunteer to regulate artificial intelligence. This articulation highlights the need to understand all the nuances of the technological progress and especially its risks.
A innovation it needs to be used in favor of the productive sectors, with respect to life, legislation and universal rights. Perhaps the best words to translate the recommendation of experts on the subject are responsibility and common sense.
The fact is that the digital evolution it is ongoing and irreversible. The expansion of chatbots that use AI surpassed access records that seemed unbeatable. nor the TikTok was so fast in popularity: it took nine months to reach its first 100 million followers, while ChatGPT reached the same mark in just 60 days. Swiss bank analysts UBS they even stated that, in 20 years, they had never identified an application that reached the consumer so quickly.
Are financial institutions prepared for artificial intelligence?
You banks have been attentive since 2010, approximately, to the infinite possibilities of artificial intelligence. An example of this are the famous registration forms managed by algorithms, which analyze and combine data to identify behavioral patterns and trends linked to income and the risk of default.
Another already consolidated use is in customer service. Over the years, account holders have become accustomed to clarifying doubts with the Biaof Bradesco (BBDC4), or with the Olivia, of Credicard Beta. Even public banks adhered to the model, such as Bahof Banrisul (BRSR6), which is in the advanced process of implementation.
Now, the main challenge is to anticipate the reaction of investors. O JPMorganone of the largest investment banks in the world, is already evaluating statements and speeches by members of the Federal Reserve – the central bank of the United States – through proprietary artificial intelligence.
The objective is to detect the impacts of speeches on the financial market. Some institutions employ the same tactic to decipher complex documents or interpret minutes of the Monetary Policy Committeefor example.
Artificial intelligence represents, in fact, a milestone in the banking system Brazilian, as well as the creation of the pixin November 2020. About this, the central bank prepared a study called “Evolution of Digital Means for Carrying Out Payment Transactions in Brazil”, with an analysis of the transformation of the financial market in light of the novelty.
Cash withdrawals at ATMs and branches dropped from BRL 3 trillion in 2019 to around BRL 2 trillion in 2022. What is certain is that, more and more, people are managing their finances in the palm of their hand, on their cell phones . Artificial intelligence should reinforce this behavior.
AI and banking: People matter
It looks like the eighth wonder of the world, but it’s not. Information shared by ChatGPT were featured in the news after a lawyer used the data to develop a lawsuit against the Avianca. The piece, with a series of false quotations, was contested in court and, indeed, serves as a warning for legal professionals and other areas.
An Australian mayor was considered “arrested for a corruption scandal in the 2000s” by the tool, when in fact he was responsible for reporting the case to the authorities of his country.
Using artificial intelligence in the wrong way is the main threat we can foresee. She is not a deity and she also makes mistakes. That is why it is so essential to continue betting on good professionals and specialists.
If there is a tendency to digitize banking services and financial analytics, the desire of customers to talk to people and solve problems “eye to eye” is also growing, with genuine hospitality. Evolution is not in mechanization and distancing. Evolution is in humanity.
Source: Moneytimes
I am an author and journalist with a focus on market news. I have worked for a global news website for the past two years, writing articles on a range of topics relating to the stock market. My work has been published in international publications and I have delivered talks at both academic institutions and business conferences around the world.
