Edition 6: OpenAI Founder Calls GPT-4 "Dumb"
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:
- Sam Altman calls GPT-4 “Dumb”, teases more powerful AI
- Implications of major newspapers suing OpenAI
- What Amazon Q means for enterprise
- How credit unions can be adaptable in AI
- Why Bain & Co. is excited about GenAI for Insurance
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GENERATIVE AI THIS WEEK
The coolest things we're watching and why you should care
Sam Altman Calls GPT-4 “Dumb”, Teases More Powerful AI
In a recent Q&A at Stanford, OpenAI CEO Sam Altman surprisingly denounced ChatGPT and GPT-4 as "mildly embarrassing," hinting at much more advanced AI models to come. He also revealed OpenAI's willingness to spend billions annually in pursuit of artificial general intelligence (AGI). See the full interview here.
So what? Altman's comments reveal that today's "cutting-edge" AI will soon become obsolete. As AI evolves at breakneck speed, credit unions must be nimble and proactive, not reactive. Credit unions that view AI as a continuous journey, not a one-time project, will be best positioned to harness its benefits while navigating the challenges ahead. Engage your board, educate your team, and don't hesitate to partner with AI experts to stay ahead of the curve.
Newspapers Sue OpenAI and Microsoft Over AI Training
Eight major US newspapers have filed a lawsuit against OpenAI and Microsoft, claiming the tech giants used millions of copyrighted news articles without permission or compensation to train their AI chatbots. The plaintiffs argue that this practice expands the "Big Tech playbook" of profiting from their work and threatens their ability to gather and report news. Read the full story here.
So what? As AI rapidly advances, the debate over intellectual property rights in training data is heating up. Credit unions should monitor these developments closely, as they could impact how member data can be used responsibly in AI applications.
Amazon’s Enterprise AI Assistant, Q, Now Generally Available to AWS Clients
Amazon has released Amazon Q, a powerful generative AI assistant that helps developers code faster and enables employees to build apps and make data-driven decisions without coding skills. Q comes in two versions: Q Developer for assisting with coding tasks and Q Business for empowering employees with company data insights. Learn more about Q here.
So what? GenAI tools like Amazon Q have the potential to significantly boost employee productivity. Early movers could seize a significant advantage in cost-efficiency and innovation. But the window to act is closing quickly as this technology barrels ahead. Is your credit union ready?
CREDIT UNION AI PROMPT OF THE WEEK
Boost your efficiency with these easy to follow templates
Generate Job Description That Attract Top Talent
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
- Do not edit the content within the "{}" brackets.
- 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 hiring expert with decades of experience in the credit union industry with a long track record of attracting the best talent for your institution.
Your task is to write a detailed job description based on the following information located after “INPUTS”:
“”””
INPUTS:
Job Title: [Insert Job Title]
Department: [Insert Department Name]
Location: [Insert Location]
Key Responsibilities:
1. [Insert Responsibility_1]
2. [Insert Responsibility_2]
3. [Insert Responsibility_3]
Top Required Skills:
1. [Insert Skill_1]
2. [Insert Skill_2]
3. [Insert Skill_3]
Education and Experience:
• [Insert Education_Requirements]
“””
In the job description, include an engaging overview of the department and what makes [Insert Credit Union Name] a great place to work. Highlight our competitive benefits package, collaborative culture, and opportunities for growth. Use a friendly but professional tone that will get qualified candidates excited to apply.
--------------------------------------------------------------------------------------
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
Rigid AI Systems are Doomed
In the world of Gen AI, adaptability is key to survival.
As credit unions adopt AI systems, they must build in flexibility to pivot as needed. Rigid systems will quickly become obsolete. Instead, take an iterative approach:
Start Small
Implement AI in phases, not all at once. Test on a small scale before expanding. This allows you to:
▶ Evaluate real performance
▶ Identify needed tweaks
▶ Limit risk
Experiment
Be willing to try new things - and fail at some. Testing alternatives allows you to determine the optimal strategies for your customers/members and operations.
Listen & Learn
Use feedback loops to continuously improve. Survey customers/members and staff to uncover changing needs. Monitor results to see what's working. Then optimize accordingly.
Continuous Training
Provide continuous AI and analytics training for your staff at all levels. An AI-savvy staff enables quicker adaptations. They can help assess performance, flag issues earlier, and recommend or implement changes. Empowered employees keep your bank/credit union nimble.
GENERATIVE AI WORD OF THE DAY
RAG
Or Retrieval Augmented Generation, is a technique for enhancing an AI’s output with facts pulled from an authoritative knowledge base. Think of it as a super-powered librarian curating a vast knowledge base for your AI assistant. Before generating any response, RAG scans your organizations knowledge base, then extracts relevant information backed by solid evidence ensuring accurate outputs.
GENERATIVE AI IN FINANCE
The latest news at the intersection of GenAI and Finance
Bain & Company: GenAI Poised to Transform Insurance Distribution
According to a recent report by Bain & Company, insurers leveraging generative AI can anticipate a 15-20% increase in revenue and a 5-15% reduction in costs. The technology is expected to augment the capabilities of insurance agents, enhance customer self-service options, and enable hyper-personalization at scale.
The impact of generative AI will be felt across both employee-led and digital channels. Agents will benefit from increased productivity, reduced low-value interactions, and AI-powered coaching. Customers will enjoy always-on virtual assistance, personalized conversations, and tailored offers. However, as with any emerging technology, insurers must navigate risks such as hallucination, data provenance, misinformation, and intellectual property ownership. To mitigate these risks, Bain & Company recommends adopting a responsible AI strategy that involves testing and learning through successive waves of use cases.
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.
