Big Bank experiments with generative artificial intelligence

Four years ago, Millennials Bank CEO Florence Smith was appointed to turn the bank around after a disappointing launch with the mandate of delivering on the promise of a fully digital, AI-driven bank. She and her team have spent a good portion of the previous years revamping the bank?s organization and processes, acquiring the necessary technical know-how and infrastructure, and testing and launching new digital products.
However, technology had not waited for Millennials Bank to catch up. The world was now abuzz with generative AI, with businesses trying to determine how to use this new technology. Smith wanted Millennials Bank to build a solid position before the competition did.
Florence would work with the bank?s steering committee, which would meet every quarter to decide on the bank?s actions. The committee would maintain control over the bank?s commercial activities (interest, ATM, and savings account rates) and main budget lines (marketing, customer support, and data) while deciding on the projects and initiatives that would be carried out each quarter to further the bank?s digital strategy. These could range from acquiring the needed capabilities to final implementations of GAI (General Artificial Intelligence) banking solutions, all of which would be funded by the budget allocated to data management. Besides receiving financial performance and market information, Smith would be briefed every quarter on the state of the bank?s digital infrastructure and how the bank was performing in regards to fairness, accountability, transparency, and ethics.