Cover for the January "Generative AI Tracker" by PYMNTS and AI-ID

83% of Bank Execs Eye GenAI With Hope and Hesitation

Generative AI Tracker®: Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service

GenAI is rapidly gaining traction in the financial services sector, but executives worry about the risk of spreading financial misinformation and exposing sensitive data to security breaches. The latest “Generative AI Tracker®,” a collaboration with AI-ID, examines what experts and bankers say is needed to get bankers over the hump.

Inside the January Tracker

  • Generative AI is revolutionizing finance and banking, enhancing consumer interactions and risk models while introducing challenges like data security and systemic decision-making risks.
  • The technology is significantly advancing banking as a service initiatives and embedded finance, with applications ranging from personalized customer services to anti-money laundering programs.
  • PYMNTS Intelligence examines the actions that regulators are taking to address risks associated with generative AI, particularly in areas of model explainability.

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