AI is revolutionizing financial services, but there are genuine risks to data security and decision accuracy. To maximize effectiveness, AI systems need access to sensitive data. Data needs to remain in place so that all decisions are based on the same data version. Employees must know they can use AI to search collaboration resources such as Slack, Teams, Confluence, etc. The right AI infrastructure software keeps data safe, improves decision-making, and generates accurate answers. AI is already improving the financial industry, streamlining operations, driving growth, and delivering a dramatically better customer experience.
Financial institutions of all stripes are:
- Creating AI-powered chatbots that can converse with customers and answer many common questions.
- AI can identify and analyze suspicious transaction patterns, automate risk management, improve fraud detection, and reduce money laundering.
- AI decision-making is used to act on market trends faster than any human could respond.
- Creating personalized AI financial advisors to assist customers with financial planning.
- Creating AI portfolio managers that automatically monitor and adjust portfolios to align with customer investment goals.
- Using AI to analyze the mountain of electronic documents customers generate when opening accounts, applying for credit cards, loans, mortgages, and so on.
The common thread throughout each of these AI applications is data. Each of these systems needs access to vast amounts of personalized customer data in order to be useful: personalized advice requires personalized knowledge, identifying fraudulent transactions requires access to the customer’s typical financial behavior, and so forth. There is simply no way to leverage AI without providing the AI access to critical data.
Using traditional ETL processes to move data into vector databases is both inefficient and highly risky. Moving data outside the corporate firewall sharply increases the risk of exposure. Confidential data could be incorporated into the AI’s knowledge base and potentially be disclosed to competitors.
Even if all the security issues are handled in an acceptable manner, copying data has other problems. Financial institutions need to react to events in real time, and need access to the latest data as soon as it becomes available. Moving data takes time, delaying analysis and response.
Moreover, the more copies of the data there are, the greater the challenges of keeping information synchronized and correcting errors. When multiple copies of the data exist, it becomes ever more difficult to ensure that everyone is working from the same data and that decisions are made based on the most recent data.
Ais make decisions very quickly. Feed an AI bad data and it will make bad decisions very quickly.
Using AI Effectively
The more AI is incorporated into critical business operations, the more important it is that results returned by the AI are accurate. Businesses need the flexibility to choose the AI model best customized to the task.
Data needs to stay in place, safely within the corporate firewall. The AI needs to come to the data, not the other way around. Data should never move into the vendor’s ecosystem - moving data is a recipe for a data breach. Search results must be relevant so that employees are not inundated with useless information.
In most companies, a great deal of relevant information is buried in corporate communications tools such as Slack, Teams, Confluence, email, and more. Most AI systems can’t access that information. Employees need to be able to search these sources. Search must return relevant information, including the most recent versions of relevant files.
As the use of AI co-pilots proliferates, users need to easily benefit from AI to co-pilot communications. Results need to be grounded in facts, preventing or reducing AI hallucinations.SWIRL makes all these things possible.
Swirl Makes AI Safe and Trustworthy
Swirl AI Infrastructure software is designed to enable businesses to benefit from AI while reducing or eliminating many of the risks. Swirl’s customers benefit from technology that:
- Keeps data in place: SWIRL enables Generative AI to connect with source systems, bringing the AI to the data.
- Unifies search: SWIRL simultaneously searches all data and content repositories that an employee has access to and returns the most relevant results.
- Adopts existing security: SWIRL utilizes the source system security policies, following a zero-trust security approach to ensure users access only what they’re allowed.
- Provides AI flexibility: SWIRL supports using multiple LLMs and AIs, including company-created models located behind the firewall.
- Is data format agnostic: SWIRL supports structured data from databases, as well as content from email, office documents, collaboration tools such as Teams, Confluence, and Slack, and more.
- Enables pilot to co-pilot: SWIRL enables simultaneous communication with multiple co-pilots.
- Returns results you can trust: SWIRL’s innovative use of Retrieval Augmented Generation grounds results in facts, reducing or eliminating the risk of AI hallucinations and errors.
SWIRL provides a safe, secure AI experience that takes advantage of all available data stores to return accurate results without compromising security or usability. If you want safe, secure, accurate AI contact Swirl today.