Edition 12: Apple AI Unveiling
![Edition 12: Apple AI Unveiling](https://cdn.prod.website-files.com/65b0f7d963cdc6f21824f1ef/666777f913e479828436c947_AppleAIWWDC.png)
Welcome to the AviaryAI Newsletter!
Thanks for joining us as we explore the intersection of GenAI and finance with practical learnings and the latest relevant insights. Let’s get started.
This week you’ll learn:
- 📱 Apple AI will soon be in our pockets - here's what that looks like
- ⚖️ California’s new landmark AI bill and its potential ripple effects
- 🎥 Is Kling AI's text to video generation outpacing American competitors?
- 🔒 Protecting member data privacy during AI implementation — best practices
- 📊 Key AI investment areas according to Deloitte
Subscribe to the AviaryAI Newsletter here.
GENERATIVE AI THIS WEEK
The coolest things we're watching and why you should care
Apple's AI Revolution: Siri Gets a Supercharged Makeover
Apple's WWDC 2024 unveiled "Apple Intelligence," bringing major AI updates to iPhones and Macs. Expect a more conversational Siri, AI-generated "Genmoji," automated actions, and contextual functionality coming this fall.
So what? As members gain access to better AI tools like a smarter Siri, they may soon expect seamless, efficient interactions with your credit union's digital services. Staying ahead with AI integration is crucial to meet these rising expectations.
California’s AI Regulation Bill: Tech Giants Brace for Impact
California's SB 1047 bill proposes strict new safety standards for large AI model developers, causing concern in Silicon Valley. The legislation aims to ensure AI systems are safe and prevent them from causing critical harm but tech giants fear it will stifle innovation.
So What? Without concrete federal legislation, a domino effect of similar state regulations is possible. That’s why AviaryAI is committed to adapting to these changes quickly so our partners can confidently navigate the evolving legal landscape, ensuring compliance and members’ trust.
Kling AI: A New Contender in AI Video Generation
Kling AI, developed by Chinese platform Kuaishou, is making waves with its high-definition video generation capabilities that rival OpenAI's Sora. Users are sharing stunning short clips showcasing realistic motion and physics. Our favorite? Zoo animals driving F1 cars of course: https://youtu.be/fIyMNUn-0yI
So what? The emergence of advanced video AI outside the U.S. signals a growing global competition. Credit unions should watch this space for innovative marketing opportunities and prepare for the potential rise in AI-driven content.
Read the full story and see more clips here
CREDIT UNION AI PROMPT OF THE WEEK
Boost your efficiency with these easy to follow templates
Quickly Write Emails in Your Voice
How to use this prompt:
- Copy and paste the template below into an AI model of your choosing
- Replace the [Insert x] with the recommended content
- Do not edit the content within the "<>" brackets
- Hit “Generate” and review the output
- Ask the AI any questions or changes you deem necessary
--------------------------------------------------------------------------------------You are the [insert role] at [insert credit union name]. Write an email response based on the details located after INPUTS. Use your previous emails located after PREVIOUS EMAILS to model your writing tone after.
“””
INPUTS:
Purpose of the email: [Describe the key objective of the email]
Key points to include: [List the specific points or information that must be mentioned]
Recipient: [describe the recipient briefly, e.g., customer, colleague, industry partner]
“””
"""
PREVIOUS EMAILS:
[Copy and paste a selection of previous emails or key excerpts here to capture your unique tone and style]
""”
--------------------------------------------------------------------------------------
Looking for real world use-cases of AI for your credit union? Use our free: AI Prompt Library For Credit Unions
THE AI EXECUTIVE'S HANDBOOK
One simplified GenAI concept per week to build your AI Acumen
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Data Privacy and AI - Best Practices
As financial custodians of members, credit unions are already well-versed in traditional data privacy practices. However, integrating AI introduces unique data privacy challenges. Let's explore these challenges and a few best practices AviaryAI has learned with support from our partners.
1. Implement Privacy by Design
When integrating AI into your operations, building in privacy from the get-go is vital. This means:
- Embedding privacy features like data encryption and automatic data masking during AI initial development.
- Applying data minimization: Only collect and process what's necessary. For example, AviaryAI’s voice agents obtain critical data such as member name and phone number.
- Maintaining transparency: Keep your members informed about how their data is being utilized.
2. Convert personal data into anonymous data
This enhances privacy and significantly lowers risks if a breach occurs. This means:
- Only the minimal necessary data should be identifiable.
- Using PII stripping software on data sets that will be processed by your AI systems.
3. Control Data Access for AI
Due to AI’s speed and complexity, effective data privacy management also requires diligent monitoring.
- AI models may need large sets of high quality data to learn. Ensure this data is anonymized and only permit access when necessary.
- Developers need access to different data compared to those managing the AI in daily operations. Be clear on who can access what.
By following these best practices, you can significantly enhance the protection of member data while leveraging AI to improve your services. Need help developing your AI data privacy strategy? We’re here to support you! Schedule some time with our team here. https://calendly.com/aviaryai
GENERATIVE AI WORD OF THE DAY
Chain-of-Thought Prompting
Chain-of-thought (CoT) prompting is a type of prompting where you instruct a model to generate step-by-step reasoning before generating a final output. Instead of providing an immediate answer, the AI lays out its thought process.
Here’s an example of a CoT prompt:
“How many hours are in a week? In the answer, show all relevant calculations.”
The LLM’s response would show the formulas it used in its output and why it chose those formulas.
This is a very effective prompting technique and typically produces more accurate and coherent responses. Here’s our favorite guide if you’d like to learn more.
GENERATIVE AI IN FINANCE
The latest news at the intersection of GenAI and Finance
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Where Deloitte Sees GenAI Investment Opportunities
Deloitte’s latest survey finds that generative AI investments are set to rise significantly, with a 30% increase expected in 2024. Key focus areas include data management, cybersecurity, and cloud consumption. Industry leaders across sectors, notably in financial services, emphasize the need for robust data hygiene and security measures to fully leverage AI capabilities. High investment expectations in these areas underscore their importance for scalable and secure AI applications.
So What: We should all take note of the increasing emphasis on robust data and security frameworks. Strengthening these areas can directly influence the effectiveness and reliability of AI implementations. By prioritizing these investments, credit unions can safeguard member data, drive operational efficiencies, and strategically position themselves to adapt to advancing AI technologies.
About AviaryAI
AviaryAI is the next evolution of financial interaction. Enhance your team with proactive outbound voice agents to welcome new members, encourage credit card activations, and drive non-interest revenue.