US banking heavyweight BNY has entered into a new multi-year partnership with OpenAI to accelerate its AI transformation initiatives.
The bank says it will utilise OpenAI’s technology to “enhance its proprietary enterprise AI platform, Eliza, and scale AI-powered solutions across its global operations”.
Debuted last August, Eliza provides BNY employees with access to AI-powered insights and tools to streamline workflows and improve decision-making, with the bank claiming that more than half of its staff use the service “regularly”.
Now, Eliza is set to integrate “additional AI capabilities such as OpenAI’s advanced reasoning model and fine-tuning capabilities” as a result of the bank’s latest partnership, according to a joint statement.
The bank will specifically utilise OpenAI’s API and ChatGPT Enterprise platforms to power the upgrade.
BNY will also make use of OpenAI’s tech to enhance the approximately 40 AI-enabled solutions the bank claims to currently have in the pipeline, which are expected to focus on predictive analytics, automation, anomaly detection, and enhanced data access.
The development of these solutions was previously bolstered by the incorporation of Nvidia’s AI supercomputer in Q1 last year, which the bank states allowed it to “more quickly accelerate its processing capacity to innovate and launch AI-enabled capabilities”.
Source: https://www.fintechfutures.com/
