Wells Fargo’s CIO, Chintan Mehta, revealed the bank’s advancements in generative AI applications, notably the success of the virtual assistant app, Fargo, which has handled 20 million interactions since its launch in March. This is a significant achievement considering most large companies are still at the proof of concept stage with generative AI.
Despite the heavy regulation in the financial sector, particularly around privacy, Wells Fargo has been moving aggressively in the AI space, putting 4,000 employees through Stanford’s Human-centered AI program and already having many generative AI projects in production to improve back-office tasks and customer experience.
The bank pre-emptively addresses governance challenges around AI applications by thoroughly documenting the purpose and usage of each application. However, Mehta also highlighted concerns about lagging banking regulations and the impact of decentralized finance on Wells Fargo’s operations.
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