Our discussion focuses on generative artificial intelligence, a new and emerging category of AI. We first discuss what generative AI is, its use of large language models, and the role of supervised training in developing generative AI models. We then discuss the potential benefits and limitations of generative AI in the following use cases in the consumer finance industry: marketing, fraud management, underwriting, collections, customer service, and back office functions. We conclude by discussing what additional steps are needed to expand the use of generative AI in the industry, why companies may choose to build their own AI models, expectations for how generative AI is likely to impact the industry in the coming years, and consumer use of AI.
Alan Kaplinsky, Senior Counsel in Ballard Spahr’s Consumer Financial Services Group, leads the discussion.
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