Newsletter Editions

Edition 21: Walmart AI: 100x Productivity Jump

Justin Dwyer
Aug 19, 2024
Edition 21: Walmart AI: 100x Productivity Jump

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:

  • 📈 Walmart's 100x productivity gain: AI lessons for credit unions
  • 🎭 Google's AI finds its voice: Reimagining member interactions
  • 🚨 FCC's AI voice disclosure: Why it matters to your institution
  • 🛡️ Navigating AI risks with MIT's new repository
  • 💬 CFPB vs. AI chatbots: Preparing for the regulatory shift

Subscribe to the AviaryAI Newsletter here.

GENERATIVE AI THIS WEEK 
The coolest things we're watching and why you should care

Walmart's AI Supercharges Productivity 100x
Walmart CEO Doug McMillon revealed that their use of generative AI in managing the product catalog has dramatically boosted efficiency. The AI-driven process improved over 850 million data points, a task that would have required 100 times more employees to complete in the same timeframe without AI assistance.

So what?
This staggering productivity gain demonstrates AI's potential to revolutionize operations, particularly in data-heavy tasks like loan processing, compliance reporting, or member data management. The key is identifying repetitive, time-consuming processes where AI could free up staff to focus on high-value, member-facing activities.

Read the full story here

Gemini Live: Google's AI Assistant Gets a Voice
Google has launched Gemini Live, a voice chat mode for Gemini Advanced subscribers. This new feature allows for natural, conversational interactions with the AI assistant, including the ability to interrupt and resume conversations. With 10 new voices to choose from and plans for iOS support and more languages, Gemini Live aims to make AI interactions more seamless and personalized.



So what?
This marks a significant step towards truly integrated AI voice assistants in our daily lives. We're moving closer to a future where these AI voice agents can handle complex, multi-step tasks across various aspects, all interfaced by speaking a few words. Financial institutions can already leverage similar technology with AviaryAI’s outbound voice agents. Learn how to provide automated proactive service with AI voice here.

Read the full story here

FCC Proposes AI Voice Disclosure Rule for Robocalls
The FCC recently proposed new regulations to combat AI-generated robocalls from bad actors. The plan would require AI voices to disclose their artificial nature at the start of calls and texts, aiming to protect consumers from deceptive practices and potential fraud.



So what?
Those partnering with forward-thinking providers like AviaryAI are already ahead of the curve, as our AI agents proactively identify themselves. This compliance-first approach not only aligns with upcoming regulations but also builds trust with members, increasing engagement and effectiveness of AI-powered communication channels.

Read the full story here.


THE AI EXECUTIVE'S HANDBOOK

One simplified GenAI concept per week to build your AI Acumen

Image: MIT

Mitigating AI Risk with New MIT Database

The new AI Risk Repository created by MIT is a powerful tool that can help you identify, understand, and manage these risks effectively. Let's break down how you can use this resource to enhance your AI strategy.

What is the AI Risk Repository?
The AI Risk Repository is a comprehensive database and classification system for AI risks. It categorizes risks based on their causes and the domains they affect. With over 777 risks identified, it provides a clear roadmap to navigate the complex landscape of AI-related threats.

How can this help you?

  1. Understand the big picture with breakdowns on the cause of each risk and their domains they impact (discrimination, privacy, malicious use, etc.)
  2. Assess and mitigate risks relevant to your business using the filters available
  3. Prioritize your efforts by determining which risks are most pressing and how they manifest in your industry.
  4. Develop better policies and strategies by leveraging the insights provided in the repository

How to use the Repository:
If you're short on time, start with the Plain Language Summary on page 3 of the Repository document. It provides a quick overview of what's inside.

  1. Access the Repository here: https://airisk.mit.edu/
  2. Identify relevant risks:
    1. Use the Domain Taxonomy to locate risks specific to financial institutions such as privacy breaches, misinformation, and cyberattacks.
    2. Narrow risks down by using the Causality filter to understand the variations of this risk from different sources.
  3. Analyze Relevant Risks:
    1. For each identified risk, read the detailed descriptions to understand the specific issues and scenarios.
    • Asses the potential impact of these risks on your institution’s operations.
  4. Develop Mitigation Strategies:
    • Create or update internal policies to address identified risks. For example, revise data handling procedures to mitigate privacy threats
    • Deploy technical and procedural safeguards based on the new/updated policies.

By incorporating the AI Risk Repository into your strategy, you can minimize risks and leverage AI more effectively, ensuring your institution remains ahead in this rapidly evolving technological landscape.

GENERATIVE AI WORD OF THE DAY

Training Data

Training data is like a big collection of examples that we use to teach a computer how to do something. Just like you might learn by looking at lots of solved math problems, an AI learns by looking at tons of data. This data could be pictures, text, or any other kind of information related to what we want the AI to do. The computer studies this data to find patterns and rules, which it then uses to make decisions or create new things on its own. The more good-quality training data we give it, the better the AI usually becomes at its job.

GENERATIVE AI IN FINANCE

The latest news at the intersection of GenAI and Finance

CFPB Takes Aim at AI Customer Service:
Is Your Institution Ready? 

The Consumer Financial Protection Bureau (CFPB) is set to release new rules regarding the use of chatbots on company websites as part of the Biden administration's "Time is Money" initiative. This move aims to address consumer frustrations with excessive paperwork, long hold times, and general aggravation in customer service interactions. While the CFPB has expressed concerns about chatbot limitations, industry experts argue that complaints specifically related to chatbots represent a tiny fraction of overall customer service issues.

So What?
If your institution is already using AI chatbots, it's time to take a hard look at your setup. First, review your disclosure practices – are you clearly telling members when they're talking to a bot? Next, assess how seamlessly members can switch from the bot to a human. If it's not a smooth transition, fix it now. Audit your chatbot's responses to ensure they're accurate and up-to-date with your latest policies and products.

Finally, consider forming a small team to stay on top of these upcoming regulations. Being proactive now could save you headaches later and might even give you a leg up on larger, slower-moving competitors. The goal isn't just compliance – it's using these changes to build a better, more trustworthy digital experience for your members.

Read the full story here.

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.

Previous
No prev posts
Next
No next posts

Drive Revenue and Engagement with AI Today

Ready to learn more?