IBM’s ‘Lightweight Engine’ Could Be the Next Big Thing in Fintech Innovation
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
IBM has unveiled its new “Lightweight Engine” for the WatsonX.ai platform, marking a major step in the evolution of artificial intelligence (AI) deployment for businesses.
While IBM primarily targets large enterprises, the innovation could prove to be a game-changer for small to mid-sized companies, particularly in rapidly growing sectors like fintech.
The rise of generative AI has been a driving force in the tech industry’s expansion, with the first half of 2024 seeing substantial revenue growth attributed to this sector.
A decade ago, few could have anticipated the impact that large language models (LLMs) like OpenAI’s ChatGPT and Anthropic’s Claude would have on the market.
These models have not only revolutionized AI but also created a burgeoning industry centered around their capabilities.
However, the journey of AI in financial services has been complex.
Before the release of ChatGPT, the consensus among AI and finance experts was that models like GPT-3 were too unreliable for use in fields where precision is critical.
Despite significant advancements since then, the challenge remains: AI models designed for general use, based on public data, often lack the accuracy needed in industries like finance, where there is little room for error.
The solution lies in specialization.
For instance, JPMorgan Chase’s recent acquisition of enterprise access to OpenAI’s ChatGPT highlights the growing adoption of AI in financial services.
By fine-tuning the model on internal data and incorporating custom safeguards, JPMorgan is able to
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