Don’t let the Chat GPT hype put you off: large language models (LLMs) and generative artificial intelligence (AI) are the secret weapons banking needs to face down Big Tech’s threat. According to Leon Gauhman, co-founder and CPO/CSO of Elsewhen, LLMs and generative AI are crucial for banks to stand up against the threat posed by Big Tech. Gauhman advises banking incumbents to embrace LLMs in order to level the playing field, with neobanks’ apps outperforming those of traditional banks and Apple and Google leading the digital wallet competition. Though the chatbot ChatGPT was overhyped in 2022, it’s clear that there’s still work to be done to improve the technology before it can deliver on its revolutionary promise.
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