Edition 14: Turn Reports into Audiobooks
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:
- 📖 How to turn any text into an audiobook with new AI app
- 🎹 AI-generated music sparks copyright controversy
- 🥇 AI brings legendary sportscaster's voice to Olympic recaps
- 🧠 5 skills your team needs to thrive in the AI era
- 💼 How top consulting firms are capitalizing on AI demand
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GENERATIVE AI THIS WEEK
The coolest things we're watching and why you should care
AI Narration Turns Any Text into Audio On-the-Go
ElevenLabs, an AI audio creation company, has launched an iOS app that converts text from files or web links into high-quality audio narration. The "ElevenLabs Reader: AI Audio" app allows users to listen to articles, documents, and even entire books while multitasking, with customizable voices and reading speeds.
So what?
Other than turning your reports or emails into audiobooks for your morning walks, this technology could enhance member education and accessibility, allowing credit unions to convert financial literacy materials, product information, and important updates into easily consumable audio content for members with busy lifestyles or visual impairments.
AI Music Generators Face Legal Battle with Major Record Labels
Sony, Universal, and Warner have filed lawsuits against AI music generators Udio and Suno, accusing them of copyright infringement. The record companies claim these AI platforms trained their systems on copyrighted music without permission, leading to a clash between technological innovation and intellectual property rights.
So what?
This case underscores the importance of transparency with members about AI use and may influence how financial institutions approach AI adoption for services like personalized financial advice or fraud detection.
NBC's Olympic Recap to Feature AI-Generated Al Michaels Voice
NBC plans to use an AI-generated version of legendary sportscaster Al Michaels' voice to narrate daily Olympic recaps on Peacock during the Paris Summer Games. The AI voice, trained on Michaels' past NBC appearances, will provide personalized greetings and commentary for millions of unique recap variants.
So what?
This showcases how AI can be used to create personalized content experiences at scale. Credit unions could explore similar technology for customized member communications or educational content, while being mindful of ethical considerations and member preferences.
THE AI EXECUTIVE'S HANDBOOK
One simplified GenAI concept per week to build your AI Acumen
Is Your Team AI-Ready? 5 Essential Skills for the Future
Your team doesn’t need to become tech wizards – but developing these key skills have helped our partners navigate this new terrain.
Here are five skills to hire for, and train into your teams that will set your institution apart in the AI-driven future:
- Value Identification: Understand AI just enough to see beyond the hype and recognize where true value creation. Then, be familiar enough with AI’s strengths and weaknesses to wield it effectively.
- Continuous Learning: Curious teams will win. The AI field evolves rapidly, and the most successful leaders will be those who can learn, experiment, and adapt quickly.
- Critical Thinking: The ability to strip problems to their core elements will enable your team to choose the right solution for the right problem.
- Ethical Navigation: As AI becomes more prevalent, so do its ethical considerations. A team that can consider the future impact of today’s decisions on AI use will safeguard your members’ trust and privacy.
- Effective Questioning: Speed and execution starts by asking the right questions about AI solutions. A team with this skill will cut through technical jargon and focus on what truly matters for your credit union's goals.
Developing these skills isn't about becoming an AI expert overnight. It's about bridging your deep industry knowledge with the possibilities AI presents. Start small, encourage a culture of learning and experimentation, and remember – every step forward is valuable.
GENERATIVE AI WORD OF THE DAY
Few-Shot Prompting
Few shot prompting is a technique where you give an AI system a small number of examples directly in the prompt to help it understand and perform a specific task. Instead of extensive training, you provide the AI with a handful of sample inputs and outputs that demonstrate what you want it to do. This approach allows the AI to quickly adapt to new tasks without needing large amounts of data or retraining.
GENERATIVE AI IN FINANCE
The latest news at the intersection of GenAI and Finance
Big Consulting AI Profits: CU Implications
Companies are scrambling to figure out generative AI, and they're turning to the usual suspects like Boston Consulting Group, McKinsey, and IBM for help. These consulting firms are raking in serious cash from AI-related work:
- BCG now earns a fifth of its revenue from AI work
- IBM's 160,000 consultants have locked in over $1 billion in AI-related sales commitments.
- Accenture booked $300 million in AI sales last year
- McKinsey is eyeing more than $650 million in AI business opportunities
The type of work these consultants are doing for clients includes building customer support systems, smart marketing systems, even AI-powered drive-thrus (though that one didn't go so well). While some projects have hit snags, companies are pushing forward, trying to find ways to make AI work for them.
So what: AI isn't just for tech giants anymore. It's creeping into every industry, particularly finance. But the management consulting industry’s growth (up 2% to $392 billion this year) signals how difficult it is to build AI.
Fortunately, AviaryAI offers a more accessible path for credit unions. Our tailored AI solutions are helping CUs of all sizes operate more efficiently while enhancing member service. Our team of experts are here to help you navigate the AI landscape confidently, focusing on what matters most: serving your members and growing your credit union.
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.
