San Diego, August 2024

Barrel O’Monkeyz is hosting an AI “experts” panel in early August in San Diego. We are looking for 2 to 3 AI experts to engage in a one-hour fireside chat about how AI can be used in the world of finance.

We plan to have 15 high profile CFOs from the San Diego area exchanging ideas, plus other CEOs, company presidents, and entrepreneurs in attendance.

Interested? If so, reach out to me, Paul June, at (310) 503-1149 or [email protected] .

Like it or not, generative artificial intelligence (AI) is changing the way we work, play, and do business. Even for those of us slow to warm up to idea of AI, chances are we’ve read or seen AI-generated content or interacted with AI in some fashion. It’s virtually impossible not to.

  • Currently, some 10% of online content—images, text, audio, animation—is generated by AI. Some experts think that number will be 90% by 2026, just two short years from now.
  • Nearly 60% of companies in B2B sectors are using AI-powered chatbots, compared to 42% using chatbots for B2C interaction.

Given AI’s emergence, businesses are wise to explore its use to enhance the way they do business, from streamlining operations and aiding with marketing to improving customer service, assisting with financial management, and other areas.

What is Generative AI?

As the name implies, generative AI relates to a broad category of AI algorithms and models designed to generate content. This includes text, images, audio, animation, 3D models, and other types of custom data. Usually, the content is generated in response to input provided by humans.

For businesses, generative AI tends to work best at automating repetitive tasks and streamlining workflows.

ChatGPT is perhaps the most well-known “name” within the generative AI space. Specifically, it is designed to generate human-like text responses based on the information it receives, resulting in conversation-like interactions with people. ChatGPT and others like it tend to be deployed in customer service, human resources, research, and administrative functions.

(For an exploration of AI’s impact on intellectual property matters, read guest blog ChatGPT and Other AI Tools: What are the Implications for Intellectual Property? by Eric Ludwig of Ludwig APC, a long-time Barrel O’Monkeyz client and expert in IP and privacy matters.)

Business Uses for Generative AI

One of the key advantages of using generative AI in business is its ability to handle natural language processing (NLP) tasks effectively. ChatGPT, for example, can engage in human-like conversations, enabling businesses to offer round-the-clock customer support through chatbots. By leveraging generative AI for customer service, businesses can increase availability, improve response times, reduce operational costs, and (in theory) enhance customer satisfaction.

Generative AI also can be used for data analysis and management support. Businesses can train AI models to analyze large datasets, identify patterns, and generate insights to inform their strategic planning and decision-making.

How BOM Uses Generative AI

Barrel O’Monkeyz is uses generative AI to help optimize marketing efforts for our clients. From keyword research and search engine optimization (SEO), to brainstorming and researching blog and social media content ideas, generative AI has become a useful tool for supplementing our “human” team.

Generative AI quickly helps us brainstorm relevant topic ideas based on various inquiries related to a specific industry or field, research supportive information, and even check for typos on final content created by the BOM team.

Based on our experience, generative AI is not quite there in its ability to accurately capture client voice and communicate client brand stories authentically. Plus, unlike humans, generative AI can’t produce new ideas or original solutions. That’s what the BOM team is for. All generative AI “knows” is the knowledge it has access to, meaning that it’s limited to pre-existing data (learn more about AI knowledge cutoff dates) and the rules its programmers establish.

Perhaps generative AI’s best application for BOM is its ability to assist in keyword research for SEO for websites, social media, and digital advertising. We’ve found it instrumental as a fast-acting research tool able to sift through large amounts of data related to online activity that might otherwise have taken us days or weeks to assess.

Informing Individuals

Generative AI can also be used as an education tool. For example, given the proper input, ChatGPT can answer questions about budgeting, savings, investments, and even retirement planning. Conceivably, generative AI might also guide individuals through the process of creating budgets, setting financial goals, and/or developing personalized investment strategies.

Other examples might include providing health information, help understanding real estate transactions and their implications, or even instruction on how to use a specific app or home appliance.

Of course, the guidance AI provides can only be as good as and as current as what its knowledge cutoff date allows. This can be especially critical in the case of finance and tax laws and regulations, which often change. AI guidance based on 1- or 2-year-old data might be missing key and timely information. In addition, generative AI output lacks human creativity and the ability to weigh nuanced information.

AI’s Real Value

At present, while individuals may use generative AI to enhance their understanding of specific topics, doing so cannot replace the expertise of qualified professionals whose up-to-date knowledge and creative thinking ability provide real value.

However, continuing with our finance theme—much in the same way BOM uses generative AI for market research and brainstorming content ideas—financial experts can leverage AI-driven tools to analyze trends and customize investment assessments tailored to client preferences and risk profiles. Generative AI can also further aid professionals by automating mundane tasks and facilitating risk assessment, compliance monitoring, and fraud detection.

With this kind of support from AI, professionals are better able to prioritize client relationships and offer highly personalized financial planning, strategic investment advice, wealth management, estate planning, tax optimization, and more.

Here are a few various other benefits AI can offer the larger world of finance and banking. How might these same or similar areas of focus apply to your business?

  • Risk Assessment—Generative AI can compile and analyze historical data to simulate various scenarios.
  • Fraud Detection—Generative AI can detect anomalies in financial transactions by learning patterns. This includes analyzing credit card transaction data in real-time to identify and prevent fraudulent transactions. AI-powered systems can even be used to identify suspicious patterns that might reveal money laundering or other illicit activities.
  • Customer Insights and Analysis—By analyzing customer data, generative AI can provide insights into customer behavior, preferences, and sentiment.
  • Natural Language Processing (NLP)—NLP models can save time by generating automated reports, summarizing financial news, and extracting insights from the data it analyzes.
  • Credit Risk Assessment, Credit Scoring, and Loan Approval—Generative AI models can analyze creditworthiness by considering various factors such as credit history, income, and demographics. In some cases, AI can be used to automate loan approval processes, speed up decision-making, and reduce the risk of human error.
  • Market Trends—By analyzing market trends and historical data, generative AI models can generate forecasts and predictions.
  • Compliance and Regulation—Generative AI can analyze data and flag potential compliance issues or regulatory violations.
  • Customer Service Chatbots—Generative AI-powered chatbots can provide personalized, 24×7 customer support, answer inquiries, and assist with basic financial or even banking transactions.
  • Operational Efficiency—AI-driven automation can streamline various processes, such as account opening, customer verification, document processing, and routine communications.

Let’s Get Creative

Generative AI can help businesses and individuals unlock new opportunities, improve efficiency, and achieve better outcomes. As with any new “tool” or service, though, success depends on how you use it.

Barrel O’Monkeyz can help you and your team explore ways generative AI can help drive innovation in marketing, competitive analysis, and content generation for your organization—not in an effort to replace the all-important human element, but to harness the power of AI for automation, personalization, and decision support. Contact us today.