This is the third edition of its internal Hackathon, this time focused on Generative Models of Artificial Intelligence. The event, which had the Microsoft company as a collaborator, had the goal of promoting the corporation's skills with this new technology, its viability, and efficiencies in internal processes.
A total of six teams, representative of different areas within Popular, participated in the event and presented various solutions: identification of fraud patterns, analysis and generation of training on regulatory policies, creation of campaign content, virtual assistants, and call analysis.
A jury made up of Popular executives evaluated each of the solutions and selected the campaign content creation case as the most outstanding, based on its feasibility, benefits, and innovation.
Artificial intelligence is not something new, as generative models that predict outcomes using computers have been around for years.
“The difference now is that the new models directly create those results. This has caused a revolution, as creative ability was once thought to be unique to humans. We want to know how this technology will affect the banking industry and Popular in particular, in a responsible manner, ensuring that we safeguard the privacy of our customers' information, as well as improper access to our systems," explained Federico Montañana, who leads the AI and robotics at Popular.
Systems like Chat GPT have human-like abilities to compose text, converse, and understand what is said to them to create programming codes, music, or videos.
“Through this Hackathon event we can see the real potential of generative artificial intelligence and evaluate our opportunities directly impacting the different areas of the bank. The objective is to strengthen the knowledge of employees in the use of these tools and identify areas of opportunity for efficiency in the business”, added Montanana.
Enrique Andaluz, director of Strategic Alliances at Microsoft, presented data from studies that indicate that the positive impact for the global economy in terms of productivity of generative artificial intelligence can reach $4.4 trillion a year.
“For the global banking industry in particular, the gains in terms of productivity are estimated to be as high as $200 billion to $340 billion annually,” Montanana added.
Popular has been a pioneer in the development of solutions with artificial intelligence, under the premise of creating and using intelligent solutions that complement humans, increase our capacities, and help us to carry out work efficiently.
Federico Montanana, right, and Claudio Chea, make their presentation during the 2023 A.I. Hackathon at Popular Center.