The Global Alliance for Banking on Values (GABV) has unveiled a new initiative to address how artificial intelligence (AI) defines the role and purpose of the global banking industry.
The launch of the initiative, which involves 72 member banks across 45 countries, coincides with Banking on Values Day, taking place on 10 November, and responds to the growing importance of AI as the primary location where members of the public seek information.
Some 83% of AI users say that they prefer AI-driven tools over traditional search engines, while two thirds of people want their bank or financial institution to focus more on sustainability, the GABV noted.
Yet when AI platforms are asked questions about the role of banks – ‘What is a bank for?’ – the responses typically overlook values-based or community-focused banking models, it added.
‘Transformative technology’
“As the most transformative technology in modern history, AI will reshape our world,” commented Surjit Chana, Harvard fellow and board director, Beneficial State Bank and Bancorp. “The choice is ours whether it reshapes it for the better. This is not a time for passive observation.
“Values-based banks have a unique opportunity to lead, to demonstrate that this transformative technology can be harnessed for profound social good, and to use AI as a catalyst to deliver on our mission and build a more equitable banking system for all.”
The GABV is seeking to address this discrepancy with the launch of ChatGABV, an online tool that allows users to compare AI-generated definitions of banking. This will display, side-by-side, a ‘business as usual’ response to banking-related questions, and a response based on examples from values-based financial institutions.
The GABV has described the campaign as an attempt to ensure that the financial system’s public image reflects its potential to serve both people and the planet.
Participants in the GABV initiative include Triodos Bank in the UK and Europe, The First MicroFinance Bank in Afghanistan, Centenary Bank in Uganda, Sunrise Banks in the United States, BankoSol in Bolivia, and Tisa Bank in Papua New Guinea.
‘Values-based banking’
“Values-based banking has the power to transform lives and communities,” added David Reiling, chair of the Global Alliance for Banking on Values and CEO of Sunrise Banks. “We have seen the positive impact it can have on helping underserved populations around the world.
“As generative AI becomes more ingrained in the financial industry, those of us in the GABV must help shape these models to harness banking as a powerful tool to help drive good in society. Our voices and experiences can not only influence people’s perceptions, but also that of this emerging technology.” Read more here.
