The financial industry’s current approach to AI is short-sighted.
Right now, we’re seeing institutions sign multi-year deals with big tech companies that serve multiple industries. The problem is, they don’t have the slightest idea of what to do next with the tools they’ve purchased.
Once they’ve invested over $1M and thousands of man hours, they’ll realize that building an AI strategy on somebody else’s intelligence simply doesn’t work in finance. Because in order for the industry to make the most out of generative and agentic AI solutions, they need tools that fully understand how individual banks operate.
General purpose isn’t enough
When solutions aren’t purpose-built for the industry, they can only meet a subset of use cases, and they won’t be able to scale. Whether an institution is bolting on to existing tech or trying out a point solution, they aren’t thinking about their strategy holistically - for today or for the future. And there’s no point in investing in something that can’t evolve with them.
Integrating with big tech that uses general purpose LLMs also introduces the risk of data leakage. The guardrails needed to create and maintain those tools are significant, and many financial institutions don’t have the internal resources to execute. This risk leads to hesitation: if banks don’t feel comfortable uploading all of their data into their Enterprise AI platform, they’ll seriously limit their capability for future AI innovation.
For example, let’s say your bank wants to use AI to evaluate its customer/member base and determine which customers are the most profitable. You’re specifically trying to identify common characteristics these customers share to inform your prospecting for new customers.
With a general purpose AI solution, this process would prove difficult, because you haven’t given the tool access to all of your customer data. An AI use case that would therefore provide the most value and generate top line growth/bottom line savings, is now handcuffed. Insecurity around data sharing with big tech or general purpose solutions is officially holding you back from getting the value out of your investment.
Banks are rightfully worried about putting Personal Identifying Information (PII) into products they don’t understand and the risks associated with sharing that information. As a result, they limit their ability to capitalize on high value use cases right from the start. With stories of data leaks and hallucinations, their fear and reticence is understandable.
The Intelligence Core
Rather than layering in point solution after point solution, wouldn’t it make more sense to inform one, single platform? Wouldn’t it be simpler - and safer - to have one tool that could ingest all the data from every solution in your tech stack, and create a single source of truth?
That’s the power of the Intelligence Core. It serves as a system of context that absorbs all the information you have within your institution to learn how your business operates. The nexus of every tool in your tech stack, the Intelligence Core bases its outputs on a deep understanding of the information you feed it.
Beyond housing all of this information, the Intelligence Core is able to understand the relationships between:
It’s the beating heart of the bank, and allows you to stay confident that any output generated, recommendation made by an AI agent, or action taken by an agent is entirely and exclusively based on your bank’s intelligence.
Furthermore, with single-tenant implementation banks and credit unions can rest assured that the Intelligence Core exists solely within their institution’s data. In addition to quashing any doubt in the accuracy or relevancy of its outputs, the environment is completely unique to each institution and inaccessible to outsiders. That both reduces the risk of hallucinations and effectively removes the possibility of data leakage.
Banks and credit unions looking to invest in AI should be incredibly discerning when evaluating different solutions. Don’t settle for general purpose tools. Find a solution that you can customize for your institution, and your institution alone.