Hello and welcome to a special edition of the Buzz a Bank Automation News podcast. I’m Whitney McDonald, deputy Editor for Bank Automation News. I recently spoke with chief executive of FinTech Fairplay AI about the buzz around chat, GPT potential uses for the tech within financial services. And more specifically an example of how the FinTech recently used chat, GPT themselves.
Training Domain-Specific AI Models for Financial Services
They have been training these domains specific ai. So I think the first one was for like software engineering. And in fact, one of the members of my team was trying to work through a software engineering problem the other day and went to open ai, asked a software engineering problem, and got like a perfectly lucid and accurate response.
Applying Generative AI in Other Regulated Domains
Uh, I’ve also heard that they trained a, a domain specific, uh, uh, check GPT model on healthcare. So like, I think they scraped some big medical database or something.
The Future of Generative AI in Banking and Finance
Uh, and so it’s not like, given that like, I think it’s entirely likely that some bank will say, well, at least as part of a pilot, right? You know, let’s, let’s train up a finance specific financial services or consumer finance specific chat, GPT and, and, and, and see what we learn. Uh, see what it does and uh, and I undoubtedly, I’m sure that full learnings will be very .
Closing Thoughts from Bank Automation News
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FAQs
1. What is generative AI, and how is it being used in banking?
Generative AI refers to artificial intelligence models, such as ChatGPT, that can create human-like text, code, and other content. In banking, it’s being explored for applications like customer service chatbots, document summarization, underwriting support, and even internal coding assistance. The technology is still evolving, but banks are beginning to experiment with it for both operational efficiency and customer experience enhancements.
2. What did the CEO of Fairplay AI say about using ChatGPT in financial services?
The CEO shared that ChatGPT—and generative AI more broadly—has exciting potential in financial services. They noted that banks may begin piloting domain-specific ChatGPT models tailored to financial services or consumer finance to improve decision-making and compliance. Fairplay AI has even used ChatGPT internally for software engineering support.
3. What are domain-specific AI models?
Domain-specific AI models are versions of AI tools like ChatGPT that are trained on specialized datasets for a particular field, such as software engineering, healthcare, or finance. These tailored models provide more accurate, relevant, and trustworthy responses by focusing on a narrow knowledge area rather than general information.
4. How has Fairplay AI used generative AI in its own operations?
According to the podcast, a member of the Fairplay AI team successfully used ChatGPT to solve a complex software engineering problem. This showcases how generative AI can assist in technical roles internally—even within fintech companies—by providing accurate, efficient solutions.
5. Why would banks be interested in a finance-specific ChatGPT?
Banks operate in a highly regulated environment and require AI models that understand the specific language, rules, and risks of the financial sector. A finance-specific ChatGPT could improve the accuracy of responses, help ensure compliance, and assist in areas like loan application support, customer onboarding, or risk analysis.
6. Are there any risks in using generative AI in banking?
Yes. Potential risks include:
- Bias and fairness issues in lending decisions
- Security and privacy concerns around customer data
- Regulatory compliance challenges, especially under laws like the Equal Credit Opportunity Act (ECOA)
That’s why companies like Fairplay AI are focused on making AI systems fair, transparent, and auditable.
7. What is Fairplay AI’s core mission?
Fairplay AI is a fintech company providing a SaaS platform to help lenders ensure fairness in their AI-driven decision-making. Their tools analyze credit models for bias, suggest improvements, and help institutions meet regulatory standards for equity in lending.
8. How might generative AI support fair lending in the future?
Generative AI could:
- Help audit lending decisions for bias
- Automate documentation and explanation of decisions (e.g., adverse action notices)
- Improve transparency and communication with consumers
- Assist regulators and compliance teams with more efficient oversight
Fairplay AI envisions a future where AI not only improves efficiency but also enhances equity and inclusion in lending practices.
