Even in an age of ubiquitous technological change, Generative AI (GenAI) is unique in the speed and power with which it seized the attention of nearly every leader, in nearly every realm of life, over just a few weeks at the end of 2022 and early 2023.
The Alliance for Innovative Regulation (AIR) has launched a multi-year initiative on Financial Regulation in the Age of AI, beginning with a two-year project called NextGenAI: The Future of Financial Oversight and Protection. To help frame this work, we invited Chris Calabia, a former senior global supervisor and regulator, to author a white paper on generative artificial intelligence, or GenAI.
Have you considered the potential benefits and risks of GenAI for financial consumers or the implications for regulators? If you have not, “AI: Transforming the Future or Triggering Fear? Generative Artificial Intelligence and Its Impact on Financial Consumers and Regulators,” seeks to catalyze and contribute to a thoughtful dialogue about what may lie ahead and how best to shape the world of consumer finance in an age of AI.
Here is a sneak peek at a fictitious story from the preface, which presents a vivid illustration of the potential positive daily interactions with AI in the not-so-distant future.
The sound of wind chimes startled Margarita.
“What time is it?” she asked.
“Good morning. It’s 5:30 AM. It looks like the weather will be…”
“5:30 AM? I wanted to sleep until six!”, she objected.
“I know. I’m sorry about that. Your assistant from the office texted about 5 AM. The Berkeley Nakamoto and Associates building experienced a water main break overnight. So the deposition has been moved to an address near North Michigan Avenue and East Lake Shore Drive.”
Margarita groaned. “Caparelli Hamilton & Yee.” Opposing counsel gets the home court advantage.
“Yes. I’m afraid you won’t have time for your morning run. Instead of biking to the deposition, you’ll have to catch the purple and then the red line to Chicago Station, which will take 67 minutes based on current traffic conditions and subway service. I felt it my duty as your automated smart agent to wake you a bit early.”
Margarita groaned even louder and pulled the duvet over her head.
“But I checked, and Spin Control Studios just opened a location one block from the deposition. I was able to reserve the last available cycle for a 5:30 PM spin class. That should work well for your schedule. Plus, the instructor is someone you follow on social media.”
As she peeked out from under the duvet, her frown melted into a grin. The illuminated face of the antique-looking bedside clock gave way to a video of a woman pedaling at top speed on a fiery red mountain bike up a steep wooded hill. Margarita stretched and cheered the fitness influencer’s signature line: “Catch that breeze, Fabrice!”
Fifteen minutes later, and in a much better mood…
This is just the beginning of the story, and it paints a vivid picture of the broader implications AI holds for our professional and personal lives. But there might be another side of the coin to consider. Read the rest of the story when you download “AI: Transforming the Future or Triggering Fear? Generative Artificial Intelligence and Its Impact on Financial Consumers and Regulators.” You’ll access extensive research, insights, and analysis on the subject to help you understand the benefits and risks, and prepare accordingly.
We also invite you to join AIR and other stakeholders in a dialogue to navigate the challenges and opportunities presented by GenAI. Learn more about the call for papers, and the virtual shared learning events designed to facilitate dialogue and debate on key issues.
About the author of “AI: Transforming the Future or Triggering Fear? Generative Artificial Intelligence and Its Impact on Financial Consumers and Regulators.”
Chris Calabia is a senior advisor to AIR, having served as a Senior Vice President at the Federal Reserve Bank of New York and as Chief Executive of the Dubai Financial Services Authority. He’s also a seasoned financial inclusion advocate and promoted policy and technology innovations to expand access to digital financial services with the Bill & Melinda Gates Foundation. Currently, Chris oversees central bank digital currency programs at the MIT Digital Currency Initiative.
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