Good morning, aspiring leaders of the next-gen! ☀️

🙏🏼 Here’s what’s going on today in the AI space…

There's an ongoing debate about the trustworthiness of OpenAI, as experts and users alike grapple with questions about the ethical use, transparency, and long-term impacts of rapidly evolving AI technologies.

OneScreen.ai is innovating in the advertising space by bringing startup ads to high-visibility platforms like billboards and NYC’s subway system, demonstrating a creative integration of traditional media and modern digital marketing strategies.

In the investment realm, venture capitalists are tapping into the burgeoning interest in AI by selling shares of prominent AI companies like Anthropic and xAI to small investors through specialized investment vehicles (SPVs), illustrating the growing democratization and excitement in AI funding.

A report highlights that the cost of AI training data is becoming so steep that only Big Tech companies can easily afford it, raising concerns about market monopolies and the accessibility of AI development.

McKinsey's latest study reveals that AI could significantly disrupt the job market by 2030, with a detailed list of sectors that are expected to be most impacted, signaling the need for industries to prepare for transformative changes.

Nvidia’s CEO has outlined ambitious plans for future AI chips, reflecting the company’s continued leadership and innovative strategies in powering AI technologies.

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📔 #1 Insights This Week on AI. Click the Links to Read

Your employees are your company’s real competitive advantage. They’re making the magic happen so long as their needs are met. - Richard Branson

⬆️ ️ Trends: Real-life Examples of How Businesses Implement AI ⬆️ ️

Here’s how AI transforms banking: AI enhances fraud detection and risk management by analyzing transaction patterns to identify and prevent suspicious activities. It automates routine tasks such as customer inquiries and loan processing, increasing operational efficiency and reducing costs. Additionally, AI personalizes banking experiences by offering tailored financial advice and product recommendations based on individual customer data, improving satisfaction and loyalty.

Artificial intelligence (AI) is transforming the banking industry, revolutionizing traditional banks and neobanks alike. This shift from classic data-driven AI to advanced generative AI enhances efficiency and client engagement in unprecedented ways. McKinsey’s 2023 banking report indicates that generative AI could boost productivity in banking by up to 5% and reduce global expenditures by up to $300 billion.

The Evolution Of AI In Banking

AI in banking began with automating tasks and data analysis. It now includes sophisticated applications in risk management, fraud prevention, and personalized customer service. Generative AI, which creates and predicts based on vast data, further transforms banking operations and strategies. Traditional banks have focused on security and process organization, but AI now brings enhanced consumer engagement and satisfaction.

Enhancing Customer Experience With AI

AI significantly enhances customer experience in banking. AI-powered technologies, like chatbots and advanced analytics, revolutionize bank-customer interactions, offering customization and responsiveness previously unattainable.

Customer Data Analysis

Banks use AI algorithms to analyze client data, identify financial activities, and offer personalized advice. This helps clients make informed decisions, increases trust, and strengthens loyalty. Barclays, for example, uses AI for fraud detection, monitoring transactions in real-time to identify and prevent fraudulent activities, thereby building customer confidence in the bank's security measures.

Bank of America’s Glass platform combines market data and bank models with machine learning to identify trends and predict client demands, offering individualized investment advice and positioning the bank as a leader in AI-driven financial insights.

AI in Neobank and Bank App Interfaces

AI enhances banking apps by learning from user interactions and adjusting the app design to match individual preferences and behaviors. For instance, if a user frequently checks their investment portfolio, the AI might reorganize the dashboard to prioritize investment features. This real-time adaptation improves the banking experience.

AI-driven customization extends beyond functionality to include visual elements like themes, layouts, and notification styles tailored to user preferences. This creates a digital environment that feels uniquely tailored to each user, fostering familiarity and ease.

The Future Of Banking Shaped By AI

AI promises a future where technological advancements coexist with customer-centered approaches in banking. As AI evolves, it will bring more innovative applications, enhancing efficiency, security, and personalization of banking services.

By embracing AI, banks can transform operations and elevate customer experiences, staying ahead in a competitive landscape.

🏟️ Most Important AI Events

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🛸 Let’s Teleport in The Future 🛸

Did you know that the global AI market is projected to soar to $190.61 billion by 2025, with a compound annual growth rate of 36.62 percent?

AI software is swiftly transforming our world, and this trend is set to accelerate even more in the coming years.

Explore the future of artificial intelligence with our guide to the top AI trends set to revolutionize 2024.

Discover how these innovations are reshaping the world around us.

Augmented Working, BYOAI & Shadow AI

BYOAI (Bring Your Own Artificial Intelligence) is an emerging workplace trend where employees bring their own AI tools and applications to work. This trend is driven by the increasing availability of affordable and user-friendly AI tools and the growing demand for AI skills in the workforce. According to Forrester, 60% of workers will use their AI to perform tasks.

BYOAI offers numerous benefits, including increased productivity and innovation, improved employee satisfaction, and reduced costs.

However, while BYOAI presents great opportunities for workers, it also has the potential to become unmanageable.

Shadow AI, also known as Shadow IT for AI, refers to the use of artificial intelligence applications and tools within an organization without the explicit knowledge or oversight of the IT department.

This practice poses several risks, such as:

• Data privacy and security breaches: Unsanctioned AI tools may lack the same protections as official ones, making sensitive information vulnerable to theft or loss.

• Compliance violations: These tools might not adhere to important regulations, potentially leading to legal issues.

Continue in the Tuesday issue…

⚡ ChatGPT Prompting ⚡

Would you like to describe the key factors influencing customer purchasing decisions? Here is a mega prompt that can help you discover and use the power of the knowledge behind your customer:

Please describe the key factors influencing
customer purchasing decisions for {product or
service type} in the {industry}.

More Details

Product or service type:
Industry segment or niche:
Availability of recent market research or
surveys:
Customer personas or demographics of interest:
Objectives for Understanding Purchasing
factors:
Awareness of industry-specific trends:
Competitors or market leaders for analysis:

⚡ Hands-on: How to Supercharge with AI Tools ⚡

Work smarter, not harder!

I hope you find these resources helpful. Let me know if you have any questions, if there's anything else I can do to assist you, or what you would like to learn more about in AI.

Have an amazing day!

No more playing catch-up. It's time to GET AHEAD!!! 🚀🚀🚀

🙌🏼

Elena

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