Generative AI is developing at an exciting pace, transforming compliance, risk management, and the customer experience. It's potential also requires financial institutions to navigate ethical dilemmas, security risks, and implementation challenges. This episode of the Forward Thinking Podcast features FCCS VP of Marketing and Communications Stephanie Barton and Kris Stewart, a certified regulatory compliance manager, product manager, attorney and business leader for Wolters Kluwer Compliance Solutions for a conversation about the power and possibilities of generative AI in financial institutions and how farm credit institutions can harness this technology while ensuring compliance and trust with their customers. 

Episode Insights Include:

Generative AI in the Financial Industry 

• Generative AI is already a game changer and will continue to shape the future. 

• Real-world applications include credit risk assessments, servicing loans, and reviewing credit documents. 

• Compliance officers can utilize generative AI to tackle regulatory updates. 

• Generative AI can read data, find relationships, and report on actionable patterns. 

• As an assistant, generative AI filters the work and never gets tired. 

Enhancing the customer experience

• A personalized banking experience is possible with generative AI. 

• Considerations for lending, fraud detection and financial planning. 

• A seamless process is possible with increased AI input. 

• AI has the ability to catch and prevent fraud faster. 

• 24/7 availability and endless time to answer questions are perks for AI users. 

• AI utilities data that is already available and decreases time required for filling out forms. 

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