Edition 22: Salesforce's AI Sales Agents - Finance Ready?
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:
- 🤝 Salesforce's AI agents automate sales, but are they ready for finance?
- 🕵️ McAfee's deepfake detector and its implications for secure communications
- 🚀 US leads global AI investment and job creation
- 🧠 GraphRAG: boosting accuracy and reducing hallucinations
- 💰 AI spending projected to surge to $632 billion by 2028
Subscribe to the AviaryAI Newsletter here.
GENERATIVE AI THIS WEEK
The coolest things we're watching and why you should care
Salesforce Unveils AI-Powered Sales Automation
Salesforce introduces Einstein SDR Agent and Einstein Sales Coach Agent, launching in October. These AI-powered agents can autonomously nurture leads through text-based channels and provide sales coaching through roleplaying and real-time suggestions.
So what?
While promising, these sales-focused agents will need to solve several challenges to be useful for financial institutions. Regulatory compliance in financial services is complex, and ensuring AI interactions meet all requirements is a challenge the AviaryAI team is uniquely familiar with. Additionally, the need to integrate sensitive financial data from multiple systems beyond the CRM introduces further technical hurdles.
Learn more about Einstein here
McAfee's AI Deepfake Detector
McAfee has introduced the first AI-powered deepfake detection software for select Lenovo AI PCs, designed to protect users from AI-generated fake content. The tool, which processes data locally to ensure privacy, can quickly determine if a video has been manipulated, addressing growing concerns about the proliferation of deepfakes online.
So what?
While this technology is currently limited to select PCs, it represents a shift in mainstream deepfake detection. FIs should be on the look out for the development of similar tools to assist their customers and members. In the near future, these tools could provide the ability to verify the authenticity of communications from FIs, potentially opening up new, secure channels for personalized financial advice and support.
U.S. Leads Global AI Race with Massive Investment and Job Growth
A new report reveals the U.S. is dominating the global AI landscape, investing $335 billion over the past decade and creating 71,000 AI job openings in 2024 alone. This investment is triple that of China, the next closest competitor, though China leads in the number of AI specialists.
So what?
While this AI boom seems focused on tech giants, it's creating a ripple effect of accessible AI tools and talent that savvy FIs can leverage. The surge in AI startups means more affordable, specialized fintech solutions hitting the market.
THE AI EXECUTIVE'S HANDBOOK
One simplified GenAI concept per week to build your AI Acumen
Improving GenAI Accuracy with GraphRAG
A new technology called GraphRAG is making waves in the AI world for its potential to significantly improve AI accuracy. Let's explore what this means for your financial institution.
What is GraphRAG?
GraphRAG combines Retrieval-Augmented Generation (RAG) with knowledge graphs. In simpler terms, it's a method that helps AI systems understand and use complex relationships within data, leading to more accurate and contextual responses.
How GraphRAG Boosts AI Accuracy:
- Contextual Understanding: GraphRAG can understand the context and relationships between different pieces of information, leading to more accurate interpretations of data and queries.
- Reduced "Hallucinations": By grounding responses in a structured knowledge graph, GraphRAG can significantly reduce these inaccuracies.
- Handling Complex Queries: GraphRAG excels at answering complex, interconnected questions by navigating through related pieces of information.
Considerations for Implementation:
- Data Quality: The accuracy improvements from GraphRAG depend on having high-quality, interconnected data.
- Resource Requirements: GraphRAG may require more computational resources than simpler AI methods.
- Integration: Consider how GraphRAG would complement or enhance your existing AI systems.
The Path Forward:
While GraphRAG shows promise for improving AI accuracy, it's important to approach it strategically. AviaryAI is currently running pilot projects to quantify accuracy improvements in specific use cases. Our goal is to enhance our partners’ ability to serve their communities with GenAI systems that provide precise and reliable information.
GENERATIVE AI WORD OF THE DAY
Quantization
Quantization is a technique used to make AI models smaller and faster. It's like simplifying a detailed painting by using fewer colors while keeping the overall picture recognizable. In AI, we reduce the precision of numbers that represent information, similar to rounding off decimal places. This makes the model take up less space in a computer's memory and run more quickly, which is especially useful for smaller devices like phones. While quantization might slightly reduce the AI's accuracy, it often provides a good balance between performance and efficiency.
GENERATIVE AI IN FINANCE
The latest news at the intersection of GenAI and Finance
AI Spending Set to Skyrocket: $632 Billion by 2028
Global spending on artificial intelligence (AI) is projected to reach $632 billion by 2028, more than doubling current levels, according to a new forecast from IDC. While generative AI has garnered significant attention, it's expected to represent 32% of overall AI spending by 2028, with a remarkable 59.2% compound annual growth rate.
The financial services industry, led by banking, is poised to be the largest investor in AI solutions, accounting for over 20% of all AI spending. Software will dominate AI investments, representing more than half the market. Key growth areas include AI infrastructure provisioning, augmented fraud analysis and investigation, and AI-enabled customer service and self-service.
So What?
The emphasis on AI-enabled customer service and fraud analysis presents immediate opportunities for credit unions to enhance experiences and security. However, the real challenge lies in identifying AI applications that truly solve problems for both your institution and the people you serve.
The point is, financial institutions don’t boil the ocean. Pick one or two areas where AI can make a real difference for your members and your team. The goal is to strategically enhance your strengths with targeted AI solutions that provide real value.
This strategic value creation is something the team here at AviaryAI help financial institutions achieve every day. Reach out to us at info@helloaviary.ai or check out our website, helloaviary.ai, to learn more.
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.
