Greenlite

Welcome to team Greenlite, Toby Ukandu!

We’re back for Day 2 at ACAMS! There’s a lot of hype around AI, so we’re letting investigators try Greenlite and see what they can actually do with it. Some actual quotes from Day 1 - “Wow that’s pretty magical” - “I’ve got to show my team this” - “How fast can we get started?” Come swing by booth 616

How has AI transformed compliance in recent years? AI has evolved significantly, especially with language models changing the game. Find out how these advancements are reshaping financial crime prevention. Have a watch of the recent conversation I had with Greenlite's CEO, Will Lawrence. https://lnkd.in/eMfM-FV9

It’s a new week, which means I’ve got another video series where I’ll be sharing innovative insights for those in the banking and fintech space. This week, I sat down with Will Lawrence from Greenlite to discuss the key roles in risk management within financial institutions. We break down the roles of the first and second lines of defense (1LOD & 2LOD). Tune in to discover how these layers help manage risks and maintain compliance. https://lnkd.in/eMfM-FV9

ICYMI: New issue of "Banking on AI" is out now! - A great interview with a16z's fintech team and Citigroup's head of strategy - Smaller LLM models are starting to make more sense for banks and financial institutions—they're cheaper and easier to fine stune - Lots of projections are coming out about how much companies are spending on AI—but it looks like some of them might actually be based in reality The full issue is in the comments below—check it out!

What a great post from Jerry Hu! (We're hiring if you want to be a part of the team 🙂 )

Congrats Sling Money!

📰 ICYMI: Our latest issue of "Banking on AI" is out! - Banks are trying hard to keep up with AI talent demand. Some like S&P Global working to develop talent in house, by working with firms like Accenture. Others, like Lloyds Banking Group and Morgan Stanley, are hiring heads of AI, like Rohit Dhawan PhD and Jeff McMillan. - A new deep dive into AI and banking from Deloitte covered the cost and risk benefits of AI across a number of different financial services. One of the biggest impacts on both cost and risk was AI within compliance Hit the link in the comments to read the full post!

Code Generation seems to be the most popular use case in AI & Banking right now. - Goldman Sachs' new AI platform is focused on helping developers create and test out their code with AI - Morgan Stanley's first use for AI was also around creating and testing code using ChatGPT - JPMorgan has been using code generation AI internally as well A new Citibank report also outlines how code generation can be immediately impactful. Why is there such a focus on creating and testing code with AI? It makes developers exponentially more productive. Almost every part of a developers job can benefit from generative AI. It speeds up the time to development for most basic and intermediate tasks. Complex tasks are still complex, but that will improve over time as LLM's get more sophisticated too. Are you a developer? How had Gen AI impacted your coding?

Over the past few months, there's been a surprising amount of acquisitions in the fintech-AI space: - Robinhood bought Pluto AI, an investment research firm that uses AI to research and create strategies - Nubank bought Hyperplane, an AI company that was fine-tuning models for financial institutions around user personalization The big question is—why? Fintech companies need to be pushing the envelope on adoption new technologies, especially gen AI. It's become clear that banks have the capacity to build great digital products, but they're too regulated to keep up with new tech. That's really the edge that fintech has over traditional finance. Robinhood and Nubank are two of the biggest fintech companies on the planet, and it makes sense they'll want to experiment with AI. But talent has been a bottleneck around kickstarting AI projects—great engineers and teams are either getting paid a lot by companies like OpenAI and Anthropic, or starting their own business. Acquihires are a great way to bring high caliber teams on board. For the startups, it makes sense too. As great as things are going for AI companies, it's still hard to raise and scale companies today. By partnering with larger institutions, these companies can reach their end goals faster without having to worry about running a business. It makes sense that there will be more fintech-AI partnerships and acquisitions—it's a win-win for both sides. Definitely expect to see more in the consumer fintech space, where personalization and recommendations via LLM's seem to be getting more popular.