In our recent webinar, “Beyond Limits: Transforming Member Experience with AI,” Saahil Kamath, our Head of AI at Eltropy, provided a fascinating journey through the history of artificial intelligence for community financial institutions (CFIs). Drawing an analogy between AI’s growth and a toddler learning to speak, Saahil unfolded the narrative from basic machine learning to the current era of generative AI, where the technology not only understands but also creates language. Let’s revisit that journey together:
The Toddler Years: Machine Learning’s Humble Beginnings
Our story begins with machine learning, where AI took its first steps in understanding language. In its infancy, AI could recognize basic patterns, enabling functionalities such as keyword searches, spam filters, and basic natural language processing (NLP). This was groundbreaking, marking the initial foray into language-based decision-making for CFIs.
However, like a toddler learning to speak, the early AI struggled with limitations, lacking the depth and nuances of human languages. Recognizing this need for sophistication, the next phase of AI evolution emerged: the era of deep learning.
Adolescence: Deep Learning Unleashes Advanced Capabilities
Deep learning, a subset of machine learning employing neural networks, heralded a transformative era. Picture a neural network as a multi-layered brain, each layer refining different aspects of language-related tasks. Suddenly, AI could comprehend sentiment, translate languages, and engage in basic conversations. Concurrently, virtual agents and advanced chatbots emerged, responding to users in unprecedented ways.
The Present: Generative AI and Language Mastery
Fast forward to the present, where AI has reached new heights in language understanding and capabilities. The advent of large language models, exemplified by generative AI, has revolutionized the landscape. AI is no longer confined to mimicking human language; it now contributes to its creation.
Consider generative AI as both an artist and a poet, capable of crafting text, images, and videos with a simple prompt. Applications like ChatGPT showcase the potential of AI in writing essays, poems, email campaigns, and even assisting with creative tasks like crafting Instagram captions. This evolution is not merely about understanding language; it’s about actively participating in its formation.
As CFIs embrace the transformative power of AI, from its toddler-like beginnings to its current role as a language creator, the possibilities are expansive. The journey from basic language recognition to generative capabilities signifies a paradigm shift, redefining member experiences and the potential applications within the financial landscape. The evolution of AI in CFIs is an ongoing narrative, promising continual advancements and innovations for the future.