In the realm of critical sectors like finance, where even the smallest hiccups can ripple into major headaches, the integration of AI is becoming more of a necessity than a luxury. Just like in healthcare and defense, the financial world is doubling down on AI to keep things running smoothly and securely.
So, how exactly are finance folks harnessing the power of AI and large language models to tackle fraud and manage risk on a grand scale? Well, it’s a bit like weaving a safety net. Long Jiang, from Credit One Bank N.A., highlights how AI is helping sniff out sneaky tactics like deepfakes that fraudsters are cooking up to bypass security measures like voice biometrics and facial recognition. During a chat at SAS Innovate, Jiang and Stu Bradley from SAS Institute Inc. dove into the transformative role of AI in banking. They’re not talking about AI taking over all the heavy lifting—like accounting and strategy—no, it’s more about giving a helping hand. Picture it like adding turbo boosters to your car; it’s all about enhancing accuracy and efficiency, not replacing the driver.
Bradley breaks it down further, comparing AI to a superhero sidekick. It’s not the hero swooping in to save the day solo; it’s the trusty companion lending a hand to tackle fraud faster and more effectively. By tapping into a web of data from various sources, AI helps sniff out new fraud trends and threats before they wreak havoc.
On the risk side of the financial fence, things are getting trickier with economic shifts like rising interest rates. Bradley emphasizes the need for a more holistic approach to risk management, where banks blend data from different corners to get a full picture of their operations. No more working in silos; it’s all about breaking down barriers and collaborating across departments.
And let’s not forget about gen AI, the next wave of tech-savvy superstars. With their knack for crunching numbers and streamlining workflows, they’re poised to take risk mitigation to new heights. But to ride this wave of progress, organizations need to stay agile and adaptable. It’s all about staying one step ahead of the game, whether it’s battling fraudsters or navigating economic storms.
So, in the ever-evolving landscape of finance, one thing’s for sure: AI isn’t just a buzzword—it’s the secret sauce that’s helping keep the industry ticking, one fraudster at a time.