The Wisconsin Bankers Association Webinar on Generative AI was an engaging and insightful webinar filled with questions from bankers eager to understand how generative AI (AI) can be integrated into their organizations. It’s clear that many are looking for practical ways to start leveraging AI in their institutions. This blog aims to provide helpful and straightforward answers to the questions raised during the webinar, encouraging bankers to take their first steps into the world of AI. Let’s dive into the questions and explore how AI can benefit your bank.

To help all of the attendees learn more about AI, I created this video. The video shows you how I took the questions and worked with AI to generate a draft of this blog. You’ll see how I took screenshots of the questions, used AI to detail them out, organize them, and continue to work through a process to reach a draft I edited in Word. You’ll see in action how I applied concepts from the Webinar, along with some new tips and tricks.

I’d encourage you to pay attention to the actual prompts I used. While the blog is a touch long, it’s generated from very limited prompting. The effort is the critical thought process to give AI direction.

The rest of this blog is the final version after I’ve edited ChatGPT’s output. AI is never the last step!

AI has the potential to transform banking. During the webinar, several questions were raised about how to begin integrating AI, especially in organizations where there may be resistance or hesitation. Start with a practical approach and real examples to help you and your team understand the benefits and applications of AI, and how to start leveraging it effectively.

What are some use cases I can share with my IT team for letting the Marketing Department use AI? (Alternatively, how I can help IT understand how Marketing can use it.) They are fully against it and not very open to anyone else’s opinion.

AI can be a powerful tool for IT teams, providing numerous benefits that can enhance efficiency and productivity. Here are some key use cases:

The webinar demonstrated some clear marketing wins. However, it can be important to highlight how big the productivity gains are with content creation. Focus on the productivity improvement, and you could ask AI to give you examples relatable to IT!

Does ChatGPT learn from prompts provided previously in other chats and start to learn what I’m looking for? Or, are we starting from scratch with each new chat?

ChatGPT does not remember information between different chat sessions. Like your text messages on your phone, each chat is different. However, there are some new and ongoing developments that can allow this to happen. Plus, check out ChatGPT’s GPTs if you need memory and consistency in your work.

First experience with ChatGPT – so FDIC regulations are available and AI can access and we could request it to create training for, say, Fair Lending using that regulation? Or would we need to “upload” that regulation?

AI has done a great job of understanding publicly available FDIC documents. I’ve found generally it’s great and spot one, with the standard disclaimer (and very appropriate for this question) you should fact check your work. You can upload or input the specific regulations you want AI to use if you’d prefer to dial in its focus. Try both methods and review the results.

I see you’re using ChatGPT-4. Is that the preferred AI option for someone just starting out in using AI?

I understand ChatGPT and have worked with it a lot to appreciate strengths and weaknesses. There’s value to that, but certainly try other systems. I’m really enjoying Gemini Advanced right now. Copilot is nice, but ChatGPT is my BFF.

Longer term I’d project most users will use Copilot because it’s embedded in Microsoft products and we all use them already. ChatGPT, Gemini, and others will be more limited to use users or use cases.

I see you are using ChatGPT for all of the examples. Have you found this to be the best site to use? Also, does your bank have any security concerns with using AI software?

We do not put personally identifiable information (PII) into ChatGPT, although their Teams and Enterprise models have solutions that do not train on this data and keep it private. I’d research that and make a decision based on your comfort level.

You’ll have no problem getting value at $20 and not using it for PII.

Great topic and great information! Are you able to come to my bank to train or even talk over the phone for more guidance?

Reach out, I’m open to helping others depending on the timing and needs!

If we’re just getting started with AI, how broad would you suggest we promote this? In other words, should we have a few key players start playing with this regularly or broaden the scope?

Starting with a pilot program involving a few key players is often a good approach. This allows your team to gain experience with AI, identify any challenges, and refine your strategy before scaling up. Once the initial team is comfortable with the technology, you can gradually expand its use across the organization. This phased approach helps ensure a smooth transition and minimizes potential disruptions.

When integrating AI into banking operations, ensuring the security and compliance of sensitive information is paramount. During the webinar, many participants expressed concerns about protecting confidential data, avoiding copyright infringement, and verifying the accuracy of information. Here, we address these critical issues, offering strategies for safeguarding information, using tools to check for plagiarism, and leveraging AI’s familiarity with regulations. Remember, AI can be a valuable tool in maintaining compliance and accuracy, but it’s essential to use it wisely and always ask for citations when in doubt.

How should banks protect confidential information or other bank proprietary information when using these features?

To protect confidential information when using AI features, banks should follow these best practices:

Do we need to be concerned about copyright infringement issues and potential plagiarism when using AI? How do you suggest mitigating these risks?

Yes, there are concerns about copyright infringement and plagiarism when using AI-generated content. To mitigate these risks:

Treat AI work like any other work you’re completing.

How do you fact check data and ensure it’s from a reputable source?

This is easy, simply ask for citations. You can take the links, verify the info, and ask for additional sources if needed.

Generative AI can streamline many processes and provide valuable insights across various lines of business. During the webinar, participants were curious about how AI is being used to analyze customer data and how its implementation is managed within an organization. Below, we provide answers to these questions, explaining current practices and how AI can be effectively integrated into your operations.

Are you using AI to analyze customer data to help with things such as reducing attrition, deepening relationships, etc.?

Currently, we are not directly analyzing customer data with AI. Instead, we rely on our vendors who specialize in this area and deliver excellent results. They use advanced AI tools to provide insights that help reduce customer attrition, deepen relationships, and enhance overall customer satisfaction.

You’re sharing a lot of great examples of how to use ChatGPT to save time for various Lines of Business. Who is in charge of managing the use of this? Is there someone designated in HR who would have access to create training materials? Then someone else from Digital Banking who wants to review the 5 hours of FISERV videos? Or do they come to your Marketing department or Digital department to ask for this?

Our approach to AI implementation is currently decentralized, allowing various departments to leverage AI tools according to their needs. Generally, the use and support of AI runs through me, ensuring that everyone has the guidance and resources they need. For specific tasks such as creating training materials or reviewing extensive video content, team members from HR, Digital Banking, or Marketing can all be involved, depending on their requirements. They usually reach out to me for support and coordination to ensure effective use of AI across the organization.

Understanding how AI generates responses and ensuring their accuracy are critical concerns for many banks. During the webinar, participants asked about the consistency of AI-generated answers and the rationale behind AI decisions. Below, we address these questions, offering insights into how AI responses can be tailored and verified to prevent concerns about identical outputs across different banks.

If 15 banks put in the same question, will they all get the same answers? Or how different will the answers be? Same questions, same prompts.

If multiple banks input the same question with the same prompts, the AI is likely to generate similar responses. But you’ll see that if you repeat your prompts, you’ll get different versions, validating no one will have identical results. You’ll be applying your brand, specific requests, and providing personalized direction. Then you’ll edit. Here are three key points to keep in mind as you personalize the content.

How do we combat the negative stigma surrounding the usage of AI in general? It’s often seen as plagiarism.

Combating the negative stigma surrounding AI usage involves focusing on responsible and ethical practices, which help build trust and demonstrate the benefits of AI. Here are some strategies to address these concerns:

By focusing on these strategies, banks can effectively combat the negative stigma surrounding AI and foster a culture of responsible and ethical AI usage. This not only supports strong AI adoption but also positions the organization as a leader in innovative and ethical practices.

The Wisconsin Bankers Association Webinar on Generative AI provided a valuable opportunity to explore the many ways AI can be integrated into banks. By addressing concerns about security, compliance, practical applications, and negative perceptions, I hope to have provided a clearer understanding of how AI can be used responsibly and effectively.

If you have any further questions or need support in implementing AI within your organization, don’t hesitate to contact me. Together, we can harness the power of AI to drive innovation and improve efficiency in your bank. Let’s embrace the future of banking with confidence and responsibility.

Reach out for more information, guidance, or to discuss how we can tailor AI solutions to meet your specific needs.