This Week in AI: From Mini GPTs to Construction Cash Flow

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As OpenAI unveils its compact GPT-4o mini and pursues human-level reasoning with “Project Strawberry,” AI’s reach expands across industries, sparking innovation and concern. From potentially homogenizing creativity to transforming finance and construction, AI’s rapid advance has regulators and businesses scrambling to harness its power while navigating risks like algorithmic bias and data privacy issues.

Creativity Paradox: Boosting Individuals, Flattening Industries?

A UK study reveals AI’s double-edged sword in creativity: while supercharging individual brilliance, widespread adoption may homogenize overall output. As businesses, from startups to ad agencies, embrace AI muses, they face a potential creative bottleneck. Is the race to harness AI inadvertently programming us into a creative corner?

OpenAI Shrinks ChatGPT, Expands Reach with GPT-4o mini.

OpenAI has unveiled GPT-4o mini, a more compact and accessible version of its renowned AI model. Launched Thursday, this new iteration replaces GPT-3.5 Turbo and is now available to free users and subscribers. The company claims that GPT-4o mini outperforms its predecessor on various academic benchmarks, excelling in textual and multimodal tasks. 

This release marks another milestone in the ongoing AI arms race, as tech giants and startups vie for dominance in the rapidly evolving field. With enterprise access slated for next week, the industry will watch closely to see how this more accessible AI tool might reshape business operations and innovation across sectors.

AI Revolution in Finance: Boon or Bane?

A bipartisan U.S. House of Representatives panel warns AI is set to transform finance and housing, offering expanded credit access and enhanced fraud detection while raising alarms about data privacy and algorithmic bias.

As financial firms cautiously adopt advanced AI, regulators race to balance innovation with consumer protection — the industry’s future hinges on navigating this high-stakes technological tightrope.

AI’s Leap Toward Human-Level Cognition

OpenAI’s reported progress toward artificial general intelligence (AGI) has ignited speculation about a seismic shift in global commerce. With the project “Strawberry” aiming to enhance AI reasoning, experts envision revolutionary changes in decision-making, market analysis, and operations.

If realized, this leap could redefine supply chains, personalize customer experiences, and reshape trade dynamics worldwide. As the tech world watches, businesses brace for a potential AI-driven transformation that could rewrite the rules of global trade.

Building a New Foundation for Construction Finance

Construction’s notoriously complex financial landscape is getting an AI makeover. As Adaptive’s $19 million Series A funding shows, investors are betting big on AI’s potential to revolutionize the industry’s fiscal management.

From predicting project roadblocks to optimizing resources, AI promises to transform how builders handle their bottom line. This digital shift could mean fewer delays, lower costs, and smoother operations in an industry long plagued by thin margins and unpredictable cash flows.


45% of Non-Recurring Transactions Now Use Instant Payments

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The gig economy and gaming industries have driven a rise in ad hoc transactions, payments made outside of regular invoicing and payroll. Businesses are relying on instant payments to streamline these transactions, which involve contractors, consumers and small businesses.

According to a PYMNTS Intelligence report, “Gigs and Games: How Instant Payments Are Gaining Ground for Ad Hoc Transactions,” a collaboration with Ingo Payments, with increased demand for efficiency and speed, instant payment systems are becoming a preferred solution, though obstacles to wider adoption remain.

Instant Payments Comprise Nearly Half of Ad Hoc Transactions

Instant payments are gaining in popularity for ad hoc transactions, according to the report. With the demand for quicker and more efficient methods of payment, businesses are adopting real-time payment systems to facilitate faster transactions, reduce fraud risk and improve overall financial processes.

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PYMNTS found 45% of all ad hoc payments made in July 2024 were sent via instant methods, a notable increase from 36% earlier in the year. Industries that rely heavily on nonrecurring payments, such as gaming and the gig economy, have seen the most significant uptake.

Larger Enterprises Leading the Shift

Larger companies are leading the adoption of instant payments for ad hoc transactions. Businesses with more than $1 billion in revenue are sending half of their ad hoc payments via instant rails, revealing a preference for speed and efficiency. Smaller companies, however, are lagging in adoption, with those earning between $50 million and $100 million turning to instant methods for just 34% of ad hoc payments. The delay in adoption among smaller enterprises is often linked to the high costs of integrating instant payment systems into their existing processes.

Despite this, the trend toward adopting instant payment methods is gaining momentum across the board. Many large enterprises view instant payments as the future standard for ad hoc transactions, especially in business models that no longer rely on recurring payees, such as contractors or freelance workers. But challenges persist in scaling this technology across industries of all sizes.

Barriers to Broader Instant Payment Adoption

While instant payments offer considerable benefits, particularly in terms of speed, cost savings, and enhanced customer/vendor retention, the report shows businesses face obstacles in fully adopting them. For many enterprises, the cost of integrating real-time payment systems remains the primary barrier. According to the report, 35% of businesses cite integration costs as the biggest obstacle to adopting instant payments for ad hoc transactions.

Additionally, there is a digital divide, with industries like gaming and the gig economy leading the charge in adopting instant payment systems. But two-thirds of small and medium-sized businesses (SMBs), particularly those in industries with less digital momentum, are dealing with the costs and complexities of implementing these systems. Despite these challenges, businesses that do embrace instant payments could gain a competitive edge by securing customer and vendor loyalty, driving down transaction costs, and improving cash flow management.