Top 2023 issues shape 2024
Expect to contend with generative AI, instant payments, and interchange legislation.
Not since the Great Recession has financial services seen a year as eventful as 2023. Rather than focusing on the rearview mirror, let’s consider how several major developments will likely play out for credit unions over the coming year.
Generative AI
It’s easy to overlook how rapidly artificial intelligence (AI) evolved in 2023. Although financial institutions were already engaged with AI initiatives via chatbots and predictive analytics, 13 months ago no one outside of tech circles had heard of ChatGPT.
When OpenAI attached a chat-based interface to its large language model and released a free version of ChatGPT in December 2022, however, it created a true “iPhone moment.”
Within weeks, the general public grasped the widespread potential application of this technology. Industry leaders like Google, Microsoft, Meta, and X raced to incorporate GPT into their offerings.
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