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Artificial intelligence is rapidly spreading across every facet of the financial services landscape. Previous applications of AI in banking have been incremental and purpose-built for niche use cases such as loan decisioning or sentiment analysis. However, the rise of generative AI and Large Language Models (LLMs) has democratized the field, making AI capabilities cost-effective, easy to use and intuitive to apply across many domains.
In the past, when financial institutions would source third-party AI solutions, they only needed to account for them completing a handful of tasks. Today, with generative AI being so pervasive and accessible, credit unions must have policies and tools in place to control AI tools that can complete hundreds of disparate tasks.
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