A Look at the Growing Use of Generative Artificial Intelligence and Chatbots in Consumer Financial Services, with Special Guests Ron Shevlin, Chief Research Officer, Cornerstone Advisors, and Reggie Young, Product Counsel, Lithic

Consumer Finance Monitor

We first look at what generative AI is and how it differs from other types of AI and technology such as machine learning. We then look at the ways in which banks and fintech companies can deploy AI tools and the business use case for banks and fintechs considering the addition of chatbots, including how chatbots differ from voice response units. Our discussion considers the potential purposes for which banks and fintechs can use chatbots and the potential benefits to employees and customers. It also considers the potential legal risks in using chatbots for certain purposes such as in connection with deposit accounts, credit products, or consumer complaints. We also look at the potential for more sophisticated use of AI in trend and sentiment analysis. We conclude by looking at how the use of generative AI and chatbots may develop in the future and the regulatory environment these technologies may face.

Alan Kaplinsky, Senior Counsel in Ballard Spahr’s Consumer Financial Services Group, hosts the conversation.