Spring Labs Launches Universal Copilot to Enhance Financial Services with AI

4 min read
John Sun
Spring Labs Launches Universal Copilot to Enhance Financial Services with AI

I’m excited to announce Spring Labs officially entering the generative AI tech space with the launch of our first series of AI-powered “Universal Copilot” products. With this launch, financial firms will be able to quickly deploy AI-powered experiences to supercharge their compliance functions (ComplianceAssist), help their operations team become more efficient (AgentAssist) and delight their customers with “AI-native” experiences (CustomerAssist)

One of the founding missions when Anna Fridman, Adam Jiwan, and I started Spring Labs was to be a transformative force in bringing the latest technologies to financial services and doing it in a way that helps not only our clients but also their customers.

I’ve always deeply believed in the power of technology in changing how companies operate, and how people interface with companies. At my previous company, Avant, we were one of the first in financial services to use “traditional AI” (or machine learning as it used to be called 🙂), to create superior financial products for some of the most underserved consumers and communities. In 2012 Avant launched the first production model for real-time consumer underwriting and decisions using gradient-boosting and was able to reduce the interest rate available to non-prime consumers by more than 60% within a single year. I’d like to think we were a small part of the many factors for the fintech revolution that would dominate the financial sector for the following decade, with more fintechs launching per month today than existed in total before 2012. Stepwise technology change empowering better underwriting allowed fintechs to compete with traditional banks by using more data sources, isolating specific customer niches, delivering superior product experiences, and ultimately expanding the availability of credit and financial products by orders of magnitude.

Today, as I look at the potential of Gen-AI, I’m struck with the same sense of excitement that I felt when we first started experimenting with machine learning so many years ago. I would think every financial institution today should invest heavily, but intelligently, into exploring how AI can help their business move forward. Take care to avoid wasted science experiments, look for products with proven track records, and validate claims on accuracy and effectiveness before buying. In the short term, focus on what can get launched next week, not next year, and can generate positive ROI in the same quarter, not 3 years from now. 

As a final parting thought, when we look back in 5 or 10 years, we’d see that our uses of AI today are limited by imagination more than technology. Just like today we often see the world as pre-internet and internet, we’ll soon see the world as pre-AI and AI. Every industry will be irreversibly changed in both positive and negative ways. To keep up, it’s important to focus on the future while remembering a duty to adopt AI responsibly. In balancing the need to move fast but do no harm, we’ve adopted 2 simple principles for all Spring Labs AI products:

1. Human-First

Strong preference for AI use cases that supercharge existing capabilities, rather than 1 for 1 replacement of existing human labor. Improve the customer interaction and never sacrifice human experiences in exchange for cost savings.

2. AI-Native

Reimagine the world from the lens of AI rather than rebuild existing processes. Taking a 1st principles approach, focus on AI’s unique functional capabilities and ask, “What would this look like if AI came first?”

With our latest launch, companies can now deploy, and benefit from the power of, gen-AI in less than 2 weeks and achieve immediate returns on their investment. We look forward to discussing how we can help you achieve your goals with AI transformation. Visit the new and improved today to learn more.