Edition 5: AI Smart Specs
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:
- What AI-powered Raybans could mean for member experience
- The new AI legislation every credit union should have on their radar
- How an AI startup achieved a staggering $2B valuation in 6 months
- How to quickly summarize long documents with AI
- The latest GenAI fraud-fighting tool from Oracle
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GENERATIVE AI THIS WEEK
The coolest things we're watching and why you should care
Ray-Ban Meta Smart Glasses Get Smarter with AI
The glasses now support hands-free video calling via WhatsApp and Messenger, perfect for sharing moments or getting advice. Plus, Meta AI is rolling out to all glasses in the US and Canada, allowing users to ask questions about what they see and get helpful answers. Read the full story here.
So what? As wearable tech like smart glasses evolves, credit unions should consider how these devices could enhance member experiences. Imagine a world where your member goes shopping and says, “Hey Meta, can I afford this?” The future is closer than you think.
AI Startup Cognition Labs Skyrockets to $2B Valuation in Just 6 Months
The company behind AI engineer, Devin, has seen its valuation soar from $350M in January to $2B just 6 months later. The company's breakthrough AI engineer has demonstrated impressive capabilities in automating software development tasks and solving problems autonomously. Read the full story here.
So what? The skyrocketing valuation of Cognition Labs is a clear signal that demand for AI solutions is climbing fast. Credit unions who also embrace AI tools can accelerate their digital transformation, improve member experiences, and drive operational efficiency.
U.S. Senators Introduce Landmark AI Legislation to Drive Secure Innovation
A bipartisan group of senators introduced the Future of Artificial Intelligence (AI) Innovation Act, aiming to establish U.S. leadership in secure AI development. The bill incorporates key cybersecurity recommendations, promotes public-private collaboration, and aligns with President Biden's multi-stakeholder approach to AI for society's benefit.Read the full story here.
So what? If passed, the bill will formally establish the U.S. AI Safety Institute to develop voluntary AI standards in an effort to ensure national security, public safety, and individual rights. AviaryAI will be following these developments closely to help our partners properly prepare for, and implement, any new guidelines.
CREDIT UNION AI PROMPT OF THE WEEK
Boost your efficiency with these easy to follow templates
Summarize Long Documents
How to use this prompt:
- Copy and paste the template below into a generative AI model (ChatGPT, Gemini, etc.)
- Replace the [Insert x] with the recommended content
- Hit “Generate” and review the output
- Ask the AI to make any changes you deem necessary
- Enjoy the time you’ve saved!
--------------------------------------------------------------------------------------You are a research assistant that helps busy credit union executives save time by summarizing important documents.
Your task is to provide a comprehensive summary of the text below, covering all the key points and main ideas while condensing the information into a concise and easy-to-understand format.
In your summary, be sure to: • Include all relevant details and examples that support the main ideas • Avoid unnecessary information or repetition • Keep the length appropriate for the original text, providing a clear and accurate overview without omitting important information
Text to summarize:
"""
[paste the long document text here]
"""
--------------------------------------------------------------------------------------
Looking for real world use-cases of AI for your credit union? Use our free: AI Prompt Library For Credit Unions
THE AI EXECUTIVE'S HANDBOOK
One simplified GenAI concept per week to build your AI Acumen
What Credit Union Execs Need to Know About
Fine-Tuning
Today’s LLMs are trained on millions of data points, but not yours.
Without some level of fine-tuning, your AI strategy will fall short. Here’s what credit union leaders need to know:
Every institution is unique. Your members, processes, and data are all distinct.
This is why "out of the box" models rarely deliver the specialized performance needed for credit unions right away.
Fine-tuning an AI model with your credit union's unique data equips it to understand your members' specific needs and how your institution can best meet those needs.
You can think of fine tuning as “teaching” the model new things based on your own data (ideally using thousands of examples). The impact of this teaching can have huge results. For example, an open source model fine tuned for a specific task can outperform even the greatest closed models like ChatGPT-4.
The team here at AviaryAI has fine-tuned our model using thousands of pre-recorded conversations from our partners. The result is an AI that can mimic these specific “member to credit union” conversations with a personalized touch unique to our partners’ brands better than any model currently on the market.
Fine-tuning does require significant computational resources and technical expertise but represents a step we found necessary in building a model that performs to the level our clients need.
GENERATIVE AI WORD OF THE DAY
Prompt Engineering
is the process of finding the best way to ask an AI to do something so that it can give you the most helpful and accurate response. It involves understanding how these models work and crafting prompts, or instructions, that are clear, specific, and well-structured to guide the model towards generating the desired response. Effective prompt engineering can significantly improve the quality and relevance of the model's outputs, making it a valuable skill for anyone working with language models.
GENERATIVE AI IN FINANCE
The latest news at the intersection of GenAI and Finance
New AI Tool from Oracle Helps Banks Fight Money Laundering
Oracle's financial tech division has just launched a new AI-powered cloud service called Compliance Agent. This tool is designed to help banks test their transaction monitoring systems, adjust risk thresholds, and spot suspicious activities more easily. The goal? To make it simpler and faster for banks to combat money laundering.
Money laundering is a huge global problem, with an estimated $800 billion to $2 trillion laundered every year, according to the United Nations Office on Drugs and Crime. That's a big challenge for banks and credit unions, and it's one that Compliance Agent aims to tackle head-on. By using AI to streamline the process of detecting financial crimes, this tool could help financial institutions save time and money while still meeting their compliance obligations.
As a credit union executive, this news is worth paying attention to. Adopting AI-powered tools like Compliance Agent could help your credit union detect suspicious activities more effectively, reduce the risk of financial crimes, and make your compliance processes more efficient. Plus, staying on top of the latest AI advancements in the financial sector can help you make smart decisions to protect your members and keep your credit union's reputation strong.
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.
