MADISON, Wis.–With the rapid rise in popularity and use of TextGen AI and “constant hype surrounding its potential future impact on different industries—even financial services,” the first report from Filene’s Center for The Credit Union of the Future has been released.
The report examines TextGen AI technologies, separating fact from fiction in such a way that “allows credit unions to analyze the very real challenges, known limitations, and promising opportunities that this technology brings,” Filene said.
Key Considerations
Key considerations for credit unions covered in this report include:
- Tools like ChatGPT are trained and optimized to talk and not to think, reason, or even know things.
- The most promising future of TextGen AI is in ChatGPT-like technologies, not as and end service but as a component for existing IT systems, according to Filene.
- Upholding trust is critical, and careless use of new technologies will come at the expense of members’ data security and privacy.
‘Realistic Opportunities’
“This compelling new report provides a deep understanding of TextGen AI, its realistic capabilities, how it works as well as the challenges and opportunities it presents for the future of credit unions,” Filene stated in releasing the report. “This report examines TextGen AI technologies to separate fact from fiction amid the hype in such a way that allows credit unions to analyze the very real challenges, known limitations and promising opportunities that this technology brings.”
According to Filene, the implications of a machine that communicates meaning by forming words and sentences in human languages are “tremendous. The transformations in everyday efficiency for credit unions can be enormous because tools like ChatGPT may ‘only’ talk, but they do it well, and they do it with a degree of creativity that resembles human standards.
“The excitement is justified, but it should be tempered with skepticism and renewed attention to data privacy and security,” Filene said.
Trust, Legal Issues
The report further states credit unions have the trust of their members to uphold, and that the legal and policy environment is likely to change radically in the following months, especially since the rights to public data of tech giants or the copyright implications of AI generated content are still unsettled territory.
For the full report, go here.
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