Generative AI & Intelligent Virtual Beings - Issue #412

Douglas Rushkoff, professor of Media Theory at the City University of New York (CUNY), addresses the generative AI topic and AI ethics by affirming that regulation is necessary for the correct development of artificial intelligence. Many tech experts and CEOs – including Sundar Pichai, CEO of Google – recently talked about how risky AI can be if not used properly. Rushkoff said that to properly regulate AI it is not necessary to change what artificial intelligence does, but to regulate how people use it.

Also the co-founder of Ethereum, Vitalik Buterin, showed his appreciation for ChatGPT, after asking the AI chatbot to prepare a script to compute the public transit time between two coordinates, and then asking the chatbot to deliver more data and reference resources. The element most appreciated by Buterin is the capability of ChatGPT to shorten the distance between professional users and amateurs, thus eliminating entry barriers.

AI NFTs might be the next frontier in business. The Singapore-based generative AI firm Mindverse is launching a product, in its Beta version, that will allow people to train AI beings with industry-specific knowledge, in order to turn them into business helpers – for what concerns sales and delivery of products and services. The firm was able to mix the benefits of AI and blockchain technology: these intelligent beings can be used as NFT avatars, so users will be able to deploy them in different Metaverses.

The same is happening in the banking industry. Asia is for sure benefiting from the different benefits provided by generative AI: in Japan, three huge financial groups are including AI chatbots to carry out internal tasks, create reports and better assist clients.

Also Goldman Sachs could start using this technology, but the top bank is maybe going to train its own AI chatbot: this was suggested by Goldman Sachs CIO, Marco Argenti, in an email to the engineering staff – which constitutes a huge part of the workforce of the bank.

The African fintech Kredete launched its AI-based lending platform on April 16th, during an event held in Victoria Island. The new platform will also deepen the accessibility to different financial solutions, education and credit.

OpenAI and ChatGPT are also revolutionizing the fintech space. Fintech companies can use the AI chatbot especially to improve consumers’ experience. Moreover, the AI tool can help to manage everyday tasks and give people more direct answers.

To get back to our discussion on how financial groups and banks are benefiting from generative AI, FinTech Weekly describes how this revolution is already taking place.