The European Central Bank is exploring the use of ChatGPT-like large-language models for document analysis and software testing.
The bank is investigating whether or not that Generative AI solutions can be utilised the writing of initial drafts of code for experts for use in analysis and the testing of software.
The LLM model can analyse, summarise and compare documents prepared by the banks the ECB supervise and help prepare summaries and draft briefings.
However, the firm is cautious regarding the implementation of the software, but does still think it can be integrated successfully with the right preparation. ECB chief services officer Myriam Moufakkir, said, “By putting in place the appropriate governance, coordination, infrastructure and investment, we will pull together the various strands of our work on AI and accelerate its adoption across our organisation.”
A large language model can also help improve texts, making the ECB’s communication easier to understand for the public. The bank already uses neural network machine translations to help communicate with European citizens in their mother tongues.
In other news from the AI sector, ZestyAI is set to integrate the FORTIFIED construction standard from the Insurance Institute for Business & Home Safety (IBHS).
The incorporation of the FORTIFIED standard aims to help insurers pinpoint properties constructed with paramount resilience standards, especially given the escalating occurrences of severe weather.
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