Overcoming AI Fears: Theory to Practice at The Financial Brand Forum
Ben • June 3, 2024

The Financial Brand Forum was a whirlwind of insights, networking, and inspiring speakers. As someone who’s deeply involved in the digital future of banking, I was especially interested to what was being said about generative AI. Plus, there was a packed house for my session “Supercharging Financial Marketing Content with ChatGPT”! The follow up conversations and engagement, along with attending many sessions featuring AI, created a strong narrative. Here’s what stood out:

Generative AI: Theory vs. Reality

Everyone’s talking about generative AI’s potential impact on banking. EVERYONE. But the conversations are stuck, with no movement because of worry or cost. We haven’t quite figured out how to bridge the gap between the technology’s potential and its practical application in our day-to-day work. There were limited practical examples that attendees could take back and immediately apply. This was great for me and my presentation stood out, but not great for users wanting to get started with AI.

The real opportunity, in my view, lies in the AI we can use right now, on our own desktops. Financial institutions (FIs) have a chance to empower employees at all levels to experiment and discover how AI can improve their own workflows. This bottom-up approach can lead to a surge in productivity as users across the organization figure out the best ways to leverage AI’s capabilities in their day-to-day tasks. AI tools need to be turned on, encouraged, and supported.

The ChatGPT Paradox

Here’s the funny thing: so many people I talked to said their bank or credit union had blocked ChatGPT. Yet, they were happily using Bing AI (which is powered by ChatGPT) or Google’s Gemini. This shows a real misunderstanding of what generative AI is and how it works. People are scared of the headlines without really understanding the technology itself. Decisions makers are simply not spending the time to consider the impact of AI, even though they know it’s an important part of our future.

Guardrails are important. They help us manage risk and ensure responsible use of AI. But before we jump to blocking everything, let’s focus on education and experimentation. The best way to understand generative AI and its potential risks is to actually use it in a controlled setting. That’s where pilot groups come in. By creating a small group of users who can explore generative AI tools in a safe and monitored environment, we can learn a lot about the technology’s capabilities and limitations. This pilot group can then help develop clear and practical guardrails based on real-world experience, not just fear.

The Language of AI

The key to unlocking AI’s power is learning how to “talk” to it. That means understanding prompts, treating AI like a collaborator, and experimenting with different ways of asking questions. Think of ChatGPT and similar tools like an open gym with no guidance or coaches. The people who are making the most progress are the ones who are getting in there and trying things out. But it’s not just about trying things out once or twice. It’s about developing a daily curiosity and a willingness to learn from your mistakes. The more you use generative AI, the better you’ll understand its strengths and weaknesses. You’ll start to see patterns in how it responds to different prompts, and you’ll develop a sense of intuition about what kinds of tasks it’s well-suited for. Just like any new skill, fluency in generative AI takes time and practice.

Beyond AI: Why the Forum is a Must-Attend

The Financial Brand Forum isn’t just about AI, of course. It’s a fantastic opportunity to connect with colleagues, learn from the best in the industry, and get inspired about the future of banking. If you care about marketing, innovation, data, or any aspect of the banking customer experience, this event needs to be on your calendar.

I hope these insights are helpful as you navigate the exciting (and sometimes confusing) world of generative AI. Let’s keep the conversation going – feel free to reach out with any questions or comments!

PS…the event is held in Las Vegas, so I need to have at least one robot Vegas image.

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