AI, Automation, and LLMs
The Workforce's Sci-Fi Transformation
This week we look at FedNow, Jenius Bank and the future of work with AI.
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These are the articles and insights our team is excited about this week:
The Federal Reserve is introducing the FedNow® Service, an instant payment system in the U.S. that aims to enhance accessibility, efficiency, and safety in the payment system, operating alongside the private sector's Real-Time Payments service to promote competition and innovation while addressing considerations like fraud mitigation and bank runs.
Jenius Bank, the digital banking division of Manufacturers Bank, has entered the consumer market by launching personal loans, emphasizing personalized experiences, innovative tools, and data-driven insights as it plans to expand its services to include savings products and a mobile app, positioning itself as a market leader with a remote workforce.
LLMs, including ChatGPT, are powerful and transformative tools that can automate tasks and reshape software usage, potentially leading to job displacement but historically generating new job opportunities and overall prosperity, with their rapid adoption requiring time for integration, caution about consolidating all applications into a universal solution, awareness of limitations in accuracy, and uncertainty regarding the future of AGI. This deep dive helps you navigate what’s to come.
What’s UP this Week?
David Milligan and Avinash Singh looked at how the Fed is responding to the recent U.S. bank failures. In this 6min video they discuss the implications of aligning U.S.
Would you like to read more about the content covered? Check out the related links below:
1 - Fed's Barr optimistic about banks' ability to meet final Basel rules
2 - RCAP Jurisdictional assessments: regulatory implementation consistency
3 - Follow Avinash on LinkedIn for further updates and analysis on banking regulations
4 - Speech by Vice Chair of Supervision Michael Barr to the Bipartisan Policy Center on the Holistic Capital Review