The financial industry's adoption of artificial intelligence reflects a practical shift towards using AI tools internally to improve operational efficiency. Unlike the consumer-oriented approach predominantly exemplified by applications like ChatGPT, banks are investing in training that fosters understanding of AI across their organizations. Bank of America's CIO, Hari Gopalkrishnan, clarifies that while generative AI offers new capabilities, it should be viewed as an enhancement to existing AI frameworks, which include rules-based automation and analytical models rather than as a replacement. This approach helps streamline processes and improve customer interactions.
"We have a four-layer framework that we think about with regards to AI," Gopalkrishnan told Business Insider.
"Our journey of Erica started off with understanding language for the purposes of classification," Gopalkrishnan said.
"We're classifying customer questions into buckets of intents and using those intents to take customers to the right part of the app or website to help them serve."
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