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Views

LLMs are not sophisticated enough to undertake the
Many consumers may not tasks in open banking applications. We already have

even know that an open-banking technology that allows customers to look at bank accounts
and see where savings can be made or whether a potential
transaction has taken place; it borrower can afford a loan. LLMs can’t be applied to this.
would just seamlessly integrate AI will likely become advantageous, but LLMs aren’t
progressing fast enough to meet the demands of open
into processes that they already use banking. Although customer services will find it useful,
(such as subscription payments). and already use chatbots, generative AI cannot sort fact
from language which prevents it from being pushed in the
mainstream and used in open banking.
light the significant role AI is playing in open banking,
driving efficiency, enhancing security, and delivering per- Scott Dawson, head of sales and strategic partnerships at DECTA, is a
sonalized experiences to customers.” highly motivated and results oriented individual with 20 years of experi-
ence within the payments industry. Previously, he served as commercial
The paragraph generated above demonstrates its current director at Neopay. He has also held fraud management positions at PSI
strengths and weaknesses. Although it is grammatically Holdings and Neteller, before becoming senior fraud manager and then
and syntactically correct, it doesn’t address the question, business development manager at ClickandBuy, which was acquired by
which was specifically about open banking and not bank- Deutsche Telekom. DECTA provides end-to-end payment infrastructure,
ing overall. Furthermore, the three studies cited don’t ex- from acquiring to issuing and processing, but unlike other players in
ist because ChatGPT doesn’t look for evidence to back up the crowded payments marketplace the company offers bespoke-as-
its claims when creating an article. Instead it looks at pat- standard solutions aimed at making payments accessible to everyone.
terns in already existing content and concludes that McK- Contact Scott via LinkedIn at linkedin.com/in/scott-dawson-uk.
insey, Juniper Research and Accenture, for example, are
the kinds of companies that are cited in articles about the
banking industry.

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