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:

• 💰 OpenAI's $6.6B funding and dev-friendly updates
• 📜 California's AI law overhaul: 18 new rules, 1 veto
• 🔍 Google's AI search gets ads: What it means for you
• 🗣️ Speech-to-Text: The tech behind AI voice assistants
• 💼 AI surpasses security as top investment priority in finance

Subscribe to the AviaryAI Newsletter here.

‍

‍

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

OpenAI's $6.6B Boost and Dev-Friendly Updates: A New Era for AI in Finance
OpenAI has secured a record-breaking $6.6 billion in funding, valuing the company at $157 billion, as it shifts towards a for-profit model. At its DevDay 2024 event, the company also unveiled major updates, including a Realtime API for speech-to-speech applications, easier model fine-tuning, and cost-reducing prompt caching. These developments signal a new phase in AI accessibility and capability, potentially reshaping how businesses can leverage AI technologies.

So what?
This combination of massive funding and developer-friendly tools is set to accelerate AI innovation and accessibility. This could be anything from smarter urban planning to personalized education that adapts to each student. The key will be leveraging AI to enhance, not replace, uniquely human skills like empathy and critical thinking. It's not just about building smarter machines, but about using them wisely to solve complex problems while preserving what makes us human.

Read the full story here

‍

‍

‍

California Vetoes AI Safety Bill, Passes 18 Other AI Laws
California Governor Gavin Newsom vetoed a major AI safety bill (SB 1047), calling it too narrow. But has so far signed 18 other AI laws, covering:

• AI risk assessment for critical infrastructure
• Disclosure of AI training data
• Privacy protections for AI systems
• AI education in schools
• Healthcare AI regulations
• Restrictions on deepfakes and AI robocalls
• Rules for AI in political ads

So what?
It's not just about following rules – it's about gaining trust. As people learn more about AI (thanks to new school programs), they'll expect more transparency from companies using AI. Smart organizations will see this as a chance to stand out by using AI responsibly. In the long run, ethical AI practices could become as important for your reputation as good customer service is today.
Read the full story here

‍

‍

Google Introduces Ads in AI Search Overviews
Google is rolling out ads within AI Overviews for relevant queries in the U.S., following successful tests that showed increased traffic to supporting websites and improved user experience. This move integrates promotional content directly into AI-generated search summaries, marking a significant shift in how users encounter ads online.

So what?
This change represents a pivotal moment in digital advertising and content discovery. As AI becomes the primary interface for information retrieval, appearing in these overviews could become crucial for maintaining digital visibility. Credit unions may need to rethink their SEO and advertising strategies to ensure they're not left out of these AI-curated spaces.
Read the full story here

‍

‍

‍

GENERATIVE AI WORD OF THE DAY

Speech-to-Text (STT)

Speech to text is a technology that converts spoken words into written text. It’s crucial for building AI voice agents that can understand and respond to spoken commands. For example, when you ask Siri or Alexa a question, speech to text first converts your spoken words into text. Then, the AI can process this text to understand your request and provide an appropriate response. This technology makes it possible for AI voice agents to interact with humans naturally, making them more accessible and user-friendly.

‍

GENERATIVE AI IN FINANCE

The latest news at the intersection of GenAI and Finance

‍

AI Beats Security as Top Investment Priority

A new IDC survey of 823 U.S. IT and business leaders reveals a major shift in tech priorities:

• AI is now the #1 investment focus for 2024, surpassing security and cloud
• 73% of mid-size and large enterprises plan to use AI within 12 months
• Financial services ranks 2nd in AI adoption plans at 78%, behind manufacturing (84%)
• Top AI goals: improve operating efficiency and enhance customer support

So what?

With only 32% of enterprises fully implementing digital strategies, there's room to lead. By investing in AI now, credit unions can revolutionize member experiences and streamline operations, potentially outpacing larger, slower-moving banks. However, success hinges on overcoming key hurdles: addressing the AI skills gap through training, finding the right technology partners, and securing C-suite buy-in. Credit unions should also look to manufacturing, the top AI-adopting industry at 84%, for innovative strategies. By focusing on quick-win AI projects that demonstrate clear value, credit unions can build momentum and position themselves as forward-thinking leaders in financial services technology.

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.

‍