The recent surge in artificial intelligence tools like ChatGPT has caught the world by storm, including the banking industry. As the use of chatbots and virtual assistants increases, we’re seeing a clear shift toward using automated technology to enhance customer service and streamline operations. 

However, as financial institutions increasingly adopt these technologies, the spotlight has been shifting toward the potential risks associated with improper deployment. This is especially true as the Biden administration recently announced a new executive order that aims to crack down on AI risks and cybersecurity.

So what is Posh doing to stay vigilant and mitigate potential issues for our customers? To understand that, we must first discuss what exactly the risks are.

What are the common risks of incorrect AI integration?

In the rapidly evolving landscape of AI solutions, mistakes or errors in deployment can easily introduce risk into banking operations. That’s why it’s crucial to work with a software provider like Posh that takes the utmost care in developing and deploying purpose-built AI tools that make your life easier, not harder.

When it comes to AI models for financial institutions, such as those used in customer service bots and virtual agents, there are three common risks that we’re addressing:

1. Data and model poisoning: We train our discriminative models for intent recognition using private data, which we’re incredibly careful to keep secure. To further minimize the risk of a poisoning attack, human reviewers look at all the  data used for training to validate that the data isn’t malicious.
2. Breaches in Data Privacy: Upholding the security of our partner’s data is of paramount concern to us here at Posh. Our teams have advanced security controls and industry-leading certifications to ensure all Posh systems remain compliant with high security standards.
3. Incorrect Answers or Responses: One top concern for generative AI is the risk of providing incorrect information to customers and staff. Our customer-facing tools are trained on your institution’s specific services and workflows to provide quick answers, and they’re designed to connect customers with complex questions directly to a live agent for help.

How Posh is actively mitigating these risks for our banking partners

At Posh, our primary goal is to promote the responsible, safe adoption of AI tools to deliver exceptional customer service and streamline banking operations. As innovators in the field of AI, it’s our responsibility and mission to minimize the potential risks to our banking partners.

To ensure we’re doing our part and provide our partners with peace of mind, we:

Validate the integrity of our training data

Posh upholds the integrity of our AI training data through meticulous validation, ensuring it remains free of inaccuracies or malicious elements with our rigorous quality checks and human review processes.

Protect against data and model poisoning

We employ cutting-edge cybersecurity measures that act as a shield to protect any potential data or models from poisoning attempts. Our stringent security protocols help safeguard our AI models from unauthorized manipulation or harmful data infusion.

Seamlessly integrate with your core banking systems

Our AI solutions seamlessly integrate with your core banking systems to enhance their efficiency without disrupting your current operations. Tailored integrations facilitate this smooth translation, allowing your existing systems to work in synergy with Posh’s AI technology.

Ensure compliance with transparent standards, protocols and security controls

Posh prides itself on being thorough and transparent. We follow leading industry standards and protocols, along with strict internal security controls to ensure our AI solutions meet the highest regulatory and security standards in the banking industry.

Hold top certifications in data security to keep your information safe

Our teams hold top certifications in data security, including CSA Star Levels 1 and 2, and SOC 2 type 2 attestations. By implementing the latest encryption standards, role-based access controls and a number of other risk and threat mitigation controls, we continue to earn and keep our partner’s trust.

Discover Posh’s cutting-edge AI banking solutions

These multifaceted risk mitigation efforts encompass all of our AI banking solutions. Banks can leverage our AI-enabled Voice, Digital and Knowledge Assistants to understand what the user intends with each query. 

We categorize this intent into 3 different categories:

1. Self-Service Help: We can help someone who’s looking for information in one step (such as sharing knowledge, providing a link or escalating to a human agent).
2. Routing Customers: We work with partners to design logical flows to help route users to the next best step based on their query.
3. Banking Flow: We help streamline your banking operations and deliver deep insight into users with an easy, no-code AI management platform.

Discover our robust suite of AI-powered banking solutions:

Revolutionize customer service with the Knowledge Assistant

Our Knowledge Assistant transforms your frontline operations with intelligent knowledge management. Quick, efficient access to information reduces handling times and cuts search times by 93% — all while supporting a better customer experience. Find out how this efficient, plug-and-play solution can optimize your call center operations.

Save time for agents with a contextually aware Voice Assistant

Voice Assistant is a dynamic tool that elevates customer service with 24/7 AI-driven support. This solution enhances contact center operations by handling routine customer interactions on behalf of live agents, giving them more time to focus on high-value tasks.

Empower Customers with the Digital Assistant

Digital Assistant helps your customers complete key banking tasks and find information in your digital channels. This conversational AI chatbot guides users through a convenient experience, handling common questions and redirecting complex requests to a human agent when needed.

Simplify the Use of AI Solutions

Posh Portal acts as the central hub for managing your solutions and entire AI strategy. With a powerful suite of tools for content creation, data insights, real-time chat logs, personalized conversation flows and more, it’s the most comprehensive solution for all your AI management needs.

Want to see what Posh can do for your financial institution? Request a demo today and check out our Trust Center for further information.