Message from the President

Eric Faulkner, CNB President

In this edition of CNB’s Executive Newsletter, we discuss Artificial Intelligence (AI) and its potential impact on businesses.  The majority of articles I have read on AI contend it will improve efficiencies, automate processes, analyze data, and improve the overall customer experience. The truth is, NO ONE knows exactly how AI will change the world we live in. 

Technology is a key component and constant area of focus at CNB. We continually review our current technology capabilities along with product and service offerings to ensure we have the ability to service our customers and their ever-changing business needs. We have seen the pace of new technology developments accelerate at a much faster pace over the past few years; including the new developments in AI and ChatGPT.

If you are unfamiliar with ChatGPT, I encourage you to do some research online. Essentially, this service is an AI driven bot that will engage in human-like dialogue with the user based on prompts.  Users can type information they would like to know, or ask ChatGPT to perform tasks such as composing emails, essays and code. For the most part, initial use of ChatGPT has been relatively harmless. College students asking it to write reports and essays for them is certainly not an ethical way to use the tool, but at least they were smart enough to come up with the idea!

What’s uncertain is the future uses of this tool and AI in general. The amount of data AI can analyze and use is tremendous. Banks must be prepared to ensure the data accessed and stored is transmitted securely and used appropriately.  

ChatGPT and AI are areas we are watching very closely. The biggest question: Did I actually compose this email or did I ask ChatGPT to write it for me? We may never know!