“Most banks haven't released Gen AI to the end customer. You're not interfacing with a Gen AI, but [banks] are using it. And one of the things we're doing is we're using it to train our virtual assistant, making it smarter. … Gen AI can help make existing virtual assistants more efficient and more productive without even going into the magical world of advice and guidance. So, the promise is there. Each new model that comes out, and they're coming out at ever faster paces, we're getting closer and closer to that vision.”

“We have leveraged AI for over 10 years, mainly focused on fighting fraud, but now there is a move into analytics for better insights for our clients. In the last year ChatGPT and other tools are changing the way we think about AI. It's helping to speed things up and lead to democratization.”

“When we think about how AI will be used in financial services, our research says that it will be a bit challenging for financial services institutions to fully embrace AI at speed because we are operating within a highly regulated industry. That means we need to be sure that the AI we use is going to be very safe, transparent and explainable. And I think firms will have a very tricky balancing act between not doing something, but also doing something while respecting all the guardrails. And when you look at the regulatory landscape, it's at an embryonic stage at present.”

“I believe the incumbents have a much greater advantage than in previous technological shifts. That’s hard for me to say as a VC, because what I'm looking for is the next great startup. But in this time, what we're seeing, a year into really focusing on [AI], is the power of that data advantage.”

“I think the most important thing about AI, as we look for those in for the actual applications and executions, is to make sure that the data that we're putting into the AI tools is good data that is reflective of everyone who needs to be served in this ecosystem. Right now, when you look at investable assets, there is $30 trillion in the hands of baby boomers, and the majority of those baby boomers are men. In the next seven years, 70% of that money is likely moving into the hands of women who have likely not been the primary investor or decision maker in that house. How those women will invest will be very different from how the men invested over the past 10 years to 30 years. So in order for AI to be an effective tool and applicable tools for the people who are going to be inheriting the wealth, whether it's the next generation or it's the women in the household, we've got to make sure that it’s not garbage in and garbage out.”

We have to be careful not to create a more concentrated industry by putting rules in place that make it really expensive to use these kinds of technologies. One of the beauties of [AI] is it can actually lower the cost of providing financial services, especially to people who don't have a ton of money to invest. Whatever we do, I want to make sure that we're not killing the competitive landscape by putting a layer of regulation on that really doesn't make sense.”

“[Using AI] really gets back down to reducing friction, and there's still so [many] manual processes and multiple steps and clunky things in the processes that we deal with in our financial lives. I think everybody is seeing this is a way to accelerate and streamline.”

“[A recent NVIDIA survey] showed that most financial services practitioners believe they haven't invested fast enough in being ready to take advantage of generative AI. It's really no surprise – ChatGPT hit the scene in November and that was after most banks budget in the fall. You're going to see probably a big uptick in investment in the upcoming year in financial services.”

“We are going to build our own [large language model, the generative AI model used by ChatGPT] and then we're going to train it using our own data that we know is not copyrighted, so we can be more comfortable with the use of it. Because right now, out in the wild, when somebody goes to ChatGPT and asks it to write some code, they have no idea whose code it's stolen from. And we, as a bank or as anybody who was conscious, should not be using somebody else's stuff.”