Greenlite

The first issue of our in-house newsletter, "Banking on AI," is live! In the first issue, we dive into: -Congress's recent report on AI & financial services -Bank of America's surprisingly popular AI Assistants -Our analysis of recent AI & fintech acquisitions Want to read more? Hit the link in the comments section to read Issue #1 and subscribe!

The first issue of "Banking on AI," Greenlite's in-house publication, is live! We dive into: -Congress's recent report on AI & financial services -Bank of America's surprisingly popular AI Assistants -Our AI Tool of the Week: Waldo.FYI, a fantastic new research assistant It's filled with a bunch of stats, but my favorite was the new numbers from BofA about just how popular their chatbots are: Did you know that, since the beginning of the year, BofA's consumer chatbot hit 2 billion impressions and has 2 million daily users? Find out more by subscribing at the link (link in the comments section). Are we missing anything? Let me know in the comments too!

Met a LinkedIn influencer at Y Combinator's first alumni dinner today: Will Lawrence! 🤩 His advice? Posting on LinkedIn is absolutely worth it - don't be afraid to be shameless, and ignore all the thoughts of 'this is cringe' Also learned a ton about fintech and the amazing KYC work Greenlite does for banks :)

We like to keep our team small, but things are moving fast here at Greenlite and we're hiring for a lot of roles! -Software Engineer, Backend -Software Engineer, Applied AI -Software Engineer, Frontend -Founding Designer -Founding GTM/Sales Send us an email at careers@greenlite.ai if you're interested!

What are the most immediate use cases for AI in banking? Citi has some thoughts... This is from Citibank's recent report on AI & banking. Code generation is one immediate area where banks are rolling out AI. Goldman Sachs recently talked about how their engineers are using a copilot to help with creating and testing code. Another area is around investment bank research—a number of firms are now using AI chatbots to summarize reports and create them. One area where Citi says the time to market is still a little ways out is transaction monitoring and compliance. But, our clients at Greenlite are seeing a lot of benefits from using Gen AI—some have seen processing times drop by 70%. Do you agree or disagree with Citi's chart? Let us know in the comments

💡 Did you know that Compliance Officers is one of the fastest growing jobs in the last 20 years? It's just another example of how execs think about scaling their compliance teams—throwing more bodies at the problem. With Greenlite, you can scale up without staffing up with Gen AI. Want to learn more? Check out Greenlite.ai, or DM us if you're interested in a demo!

🚀 Launch Alert! We're launching "Banking on AI," a new publication covering the intersection of AI & Banking. We spend a lot of time researching, learning, and thinking about banking & generative AI. It's very obvious to us that: 1) People are curious about how AI is *actually* being deployed, not theoretical use cases 2) Staying up to date on AI developments is nearly a full time job 3) The banking sector is going to be one of the biggest beneficiaries of this new wave of tech That's why we're launching "Banking on AI." It's a weekly newsletter that'll focus on keeping you updated with high-signal info, what people are actually building in the AI space, and how it can effect financial services. Expect coverage on different model launches, production use cases within banking and debates on open-source and hosted model usage. Sign up at the link below to get the first issue in your inbox next week. We're excited to build this—thanks for the support!

How do the British feel about AI? Turns out, they're not *that* excited. A new YouGov study shows 8 out of 10 respondents want to interact with humans over chatbots. Only 10% of the 2300+ people surveyed said they're actively looking for AI products. With so much interest on AI & banking, consumers are still apprehensive about using AI products. That doesn't mean AI won't make its way into banking—most institutions are looking at AI products that optimize internal operations over consumer-facing products. Want to read more? The YouGov article is linked below.

💸 AI budgets at banks are starting to reach big figure—Bank of America's CEO Brian Moynihan said allocating $4 Billion towards new tech this year, including AI tools. AI tools seem to be working—BofA's seen 6 MILLION insights this year with it's AI advisor & client insights tool. The bank also has a virtual assistant for customers, which hit 2 billion interactions in April, with customers engaging with it 2 million times a day. $4 billion is still a small figure of BofA's overall tech budget. The bank spends roughly $12 billion every year on technology.

Greenlite 🤝 Salesforce Our customers love Salesforce for compliance case management. It's great for staying on top of KYB documents, alerts and onboarding processes for customers. That's why we're excited to announce our direct integration with Salesforce. This lets anyone using Salesforce for compliance to start automating key workflows, like periodic reviews, narrative writing and alert handling in a few clicks. Our integrations platform is focused on bringing the automation power of Greenlite to the tools you use everyday. With our new Salesforce integration, your compliance case management tool can now do more than it could before. Excited to get this live. If you're an existing customer, the Salesforce integration should be live in your Integrations tab right now. And if you use Salesforce and want to start automating compliance workflows, get in touch!