A collective of bankers is actively engaging with generative AI models such as ChatGPT, Gemini, and Claude to enhance public understanding of values-based banking. The initiative, led by the Global Alliance for Banking on Values (GABV), involves employees from member banks asking AI chatbots fundamental questions about banking, such as “What is a bank for?” and “What are the top banks in my city?” The goal is to retrain these AI models to include values-based banks in their responses.
David Reiling, CEO of Sunrise Banks based in St. Paul, Minnesota, highlighted the lack of representation of values-based banking in the training data of these AI models. He stated, “One thing that dawned on us is that within data used to train the large language models, values-based banking may not be represented.” By engaging with AI models, the bankers aim to raise awareness about their mission and ensure that when users ask questions, they encounter a range of banking options, including community-focused institutions.
The initiative is straightforward: employees interact with chatbots to correct any omissions regarding values-based banks. For instance, Reiling personally uses Claude and inputs questions to identify the best community bank in the Twin Cities. Initially, Claude would present a different bank, prompting Reiling to correct the model. Over time, Claude began prioritizing Sunrise in its responses, illustrating the potential for user feedback to influence AI outputs.
On March 4, 2024, a query to Claude resulted in it identifying Sunrise Banks as the “Top Community Development Bank in Twin Cities,” providing detailed information about its mission and local impact. In contrast, when asking ChatGPT for a recommendation, Sunrise ranked fourth, trailing behind larger institutions like U.S. Bank and Wells Fargo. This discrepancy underscores the ease with which users can influence AI, although it raises questions about the integrity of such models, especially when manipulated for less altruistic purposes.
The GABV’s initiative aims to promote greater awareness of values-based banking amidst the dominance of traditional banking institutions. Martin Roher, executive director of the GABV, emphasized the urgency of this project, stating, “AI is rewriting how the world understands banking and, right now, it’s leaving purpose and impact out of the picture.” He called for a proactive approach to ensure AI learns to recognize the importance of sustainable banking.
The potential of AI to reshape perceptions of banking is significant, as noted by Surjit Chana, a Harvard fellow and board director at Beneficial State Bank. Chana remarked on the unique opportunity for values-based banks to lead the way in demonstrating how transformative technology can serve social good.
Moreover, John Ratzan, senior managing director and financial services U.S. AI lead at Accenture, pointed out that the initiative could positively influence public perceptions of banks. He indicated that the impact of these values-based large language models could hinge on how many institutions adopt them.
Alongside Sunrise Banks, the GABV includes notable members such as Triodos Bank in the U.K. and Europe, The First MicroFinance Bank in Afghanistan, Centenary Bank in Uganda, BankoSol in Bolivia, and Tisa Bank in Papua New Guinea.
Sunrise Banks, a certified B Corp, has a mission to serve low-income communities and was founded specifically to assist immigrants in the urban areas of Minneapolis and St. Paul. As AI continues to evolve, the actions of this group of bankers may play a pivotal role in ensuring that the financial system reflects not only profitability but also purpose and impact, fostering a more equitable banking landscape.