BNY, the oldest bank in the U.S., is embracing AI to modernize its operations and improve client services. With around $52 trillion in assets, the bank has developed 40 AI use cases and made its AI assistant, Eliza, available to tens of thousands of employees. Eliza, built on large language models like GPT-4 and hosted on Microsoft Azure, enhances risk management, predictive trade analytics, and overall operational efficiency. BNY’s approach emphasizes that AI is not just for tech experts but can boost productivity for everyone. The bank’s continuous investment in AI technology aims to transform its culture and processes, reinforcing its competitive edge in the evolving financial landscape.
BNY Mellon Embraces AI for Transformative Success in Financial Services
At 240 years old, BNY Mellon is the oldest bank in the United States. Surprisingly, it is adopting a dynamic and fresh approach to incorporating artificial intelligence (AI) throughout its operations. With assets managed totaling an impressive $52 trillion, BNY has already implemented 40 AI use cases and rolled out an AI assistant to thousands of its employees.
Leigh-Ann Russell, CIO and global head of engineering at BNY, highlighted the importance of AI during the Microsoft AI Tour in New York. She emphasized that AI isn’t just for IT professionals but is meant for everyone to improve productivity. BNY’s AI platform, named Eliza, is built on cutting-edge language models like GPT-4 and hosted on Microsoft Azure. This platform addresses three key areas: operational efficiency, enhanced client services, and cultural transformation within the bank.
Operational Improvements
BNY utilizes Eliza for improved risk management and operational efficiency. It actively detects anomalies, which are crucial when managing such substantial assets. By identifying security issues early, BNY can minimize false alarms and streamline its operations.
Client Service and Engagement
Eliza enhances client service by providing near-real-time insights into trade settlements. This predictive trade analytics approach helps the bank identify potential risks ahead of time, ensuring smoother transaction processes.
Cultural Transformation
Russell shared that over 22,000 out of 50,000 employees have been trained on Eliza, significantly contributing to a culture of innovation. The bank’s software developers are also increasingly using tools like GitHub Copilot to enhance their productivity, with 80% actively engaging daily.
Looking Ahead
Russell believes that the true impact of AI will transform the financial services landscape. She noted BNY’s robust partnership with Microsoft plays a vital role in their AI journey, as it helps them refine new features and solutions that benefit both the bank and the industry.
In summary, BNY Mellon is not just a historic financial institution; it is rapidly becoming a leader in leveraging AI technology for improved operations and customer engagement. The bank is poised to continue this transformative journey, shaping the future of financial services through innovative technology.
Keywords: BNY Mellon, AI, financial services
Secondary keywords: operational efficiency, client engagement, cultural transformation
What are BNY’s use cases for AI agents?
BNY uses AI agents to automate customer service, assist in financial transactions, and analyze Market trends. These tools help improve efficiency and provide better user experiences.
How does cultural transformation support AI success at BNY?
Cultural transformation at BNY encourages employees to embrace new technologies. This supportive environment helps in effectively integrating AI tools, leading to more successful outcomes.
What is a copilot in the context of AI at BNY?
A copilot is an AI tool that assists employees in their tasks, like providing real-time information or suggesting solutions. This tool makes work easier and improves productivity.
How does BNY measure the success of AI initiatives?
BNY measures the success of AI initiatives through customer satisfaction ratings, speed of service, and overall efficiency in operations. These metrics help track how well AI is performing.
What benefits do employees see from using AI agents and copilots?
Employees benefit from AI agents and copilots by reducing repetitive tasks, saving time, and focusing on more strategic work. This leads to a more engaging and productive work environment.
