Edition 15: 10% of Research Papers AI-Assisted
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:
- 🔬 10% of scientific papers contain A-generated content
- 🍎 Apple joins OpenAI’s board: Implications for financial services
- 🌍 Google's AI emissions challenge
- 🏆 How AI enables proactive service: A case study
- 🏦 Study reveals AI readiness gap in finance: A golden opportunity
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GENERATIVE AI THIS WEEK
The coolest things we're watching and why you should care
At Least 10% of Scientific Papers now AI-Assisted
New research suggests at least 10% of scientific papers contain AI-generated content, with rates as high as 20% in computer science. Researchers weren’t surprised, acknowledging AI’s ability to speed up editing, translation, and coding. Academic journals seem torn with some banning it while others allowing it as long as its clearly stated.
So what?
AI is changing how knowledge is created and disseminated. This trend may accelerate innovation but also introduce new forms of misinformation. On thing is clear: digital literacy and critical thinking skills will be necessary to navigate an AI-augmented world.
Apple Exec Joins OpenAI Board
Apple's App Store chief Phil Schiller is set to join OpenAI's board with a non-voting seat later this year. This move follows Apple's recent partnership with OpenAI to integrate ChatGPT across its devices and services, signaling a deepening relationship between the tech giants in the AI space.
So what?
More advanced AI features in Apple products could significantly impact how credit unions interact with members through mobile banking apps and digital services. How will your credit union differentiate services and maintain member loyalty in an ecosystem where AI-driven financial advice is just a Siri command away?
Google’s AI Ambitions Clash with Climate Goals
Google's greenhouse gas emissions have surged 48% since 2019, largely due to increased energy consumption from AI-focused data centers. The company's 2023 emissions jumped 13% year-over-year, equivalent to 38 gas-fired power plants, challenging its goal to halve emissions by 2030.
So what?
This trend signals a potential shift in the tech landscape where energy costs could become a major differentiator. Credit unions investing in AI should consider not just the upfront costs, but also long-term energy expenses.
Read the full story here
THE AI EXECUTIVE'S HANDBOOK
One simplified GenAI concept per week to build your AI Acumen
Providing Proactive Service with AI - A Case Study
When we ask people: “what does perfect service look like” they tell us “When my problems are solved before I even know they exist.”
That your members want you to be proactive shouldn’t be a surprise. This study found:
- 83% of consumers actually want companies to contact them proactively.
- 92% said it positively changed their perception of the company.
- 87% took positive action after receiving proactive service.
PROBLEM:
Proactive service is difficult.
One of our CU partners were recently changing their mortgage servicing platform and needed to notify members of the change and encourage them to take an action on the new platform
In the past, they’ve used email campaigns for this type of update which often resulted in:
- Low conversion rates
- Increased support calls related to the new platform
- Lots of time/resources spent to retrain employees to field those questions
SOLUTION:
We launched an outbound voice agent to proactively notify members of the update and answer questions on the call. The result?
- Over 80% of contacts took action on the platform in 30 days
- The voice agent saved 129 hours of call time (dialing, speaking, post-call workflows)
- Support requests regarding the platform itself dropped by over 90%
GENERATIVE AI WORD OF THE DAY
Synthetic Data
Synthetic data is artificial information created to mimic real data. For example, imagine creating fake but realistic customer profiles. It’s used to train and test AI models when real data is sensitive or hard to get. AI systems learn from this fake data, improving their ability to recognize patterns and make decisions. This approach allows AI developers to create large, diverse datasets quickly, helping to build more robust and accurate AI systems without relying solely on real-world data.
GENERATIVE AI IN FINANCE
The latest news at the intersection of GenAI and Finance
AI Readiness Gap Exposed: How CUs Can Seize the Opportunity
A recent survey by law firm Mayer Brown survey exposes an AI readiness gap in the financial sector. The study found:
- 70% of executives worry their firms are being outpaced by AI developments.
- Less than 1/3 believe they have a sufficiently clear and future-ready AI strategy in place
- Most financial institutions (65%) only have AI strategies that look 12 months ahead.
The report suggests that mergers and acquisitions may become a popular strategy for quickly bridging the AI knowledge and capabilities gap.
So what:
This report signals an opportunity for credit unions to get ahead of the curve by developing comprehensive, long-term AI strategies now. A proactive approach of prioritizing AI strategy and implementation could provide a competitive advantage over larger financial institutions that are struggling to adapt.
Credit unions that take the time now to understand their AI readiness, explore potential applications, and take action will set themselves apart as forward-thinking institutions in an increasingly AI-driven world.
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.
