Smarsh, a compliance tech firm serving 19 of the top 20 global financial institutions, has integrated OpenAI's ChatGPT Enterprise Compliance API into its services, allowing its clients to use generative artificial intelligence while remaining compliant with regulations on its use.
"Financial services and other regulated industries have long had concerns about rolling out new cloud-based solutions due to regulatory requirements and the specific enterprise-grade controls required to meet stringent oversight obligations, and generative AI is no different," Goutam Nadella, Smarsh's chief product officer, said in a statement.
The use of AI in financial services is not new, with many firms already using it to power chatbots, analyze data and detect fraud. The use of generative AI, which has the ability to create human-like text, is growing but has been more limited. The potential for AI to generate misleading or inaccurate information, which could harm consumers or create compliance issues, is a major concern for regulators.
"There is immense customer value in being able to not only capture the content from ChatGPT Enterprise compliantly but for that content to be automatically appended with an 'AI-generated content' tag," Smarsh CEO Kim Crawford Goodman said in the statement. "This will help financial institutions adhere to imminent AI regulation requiring organizations to differentiate AI- versus human-generated content and maintain governance policies for each."
