BNY Mellon and OpenAI Forge Partnership to Revolutionize Banking with AI
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On Thu, 27 Feb, 4:04 PM UTC
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BNY and OpenAI strike deal to develop AI platform
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. According to a Wall Street Journal (WSJ) report, the deal will give BNY, previously known as Bank of New York Mellon, access to OpenAI's numerous resources including Deep Reseach, a web-browsing tool that has just been rolled out to all ChatGPT users. The report quotes Sarthak Pattanaik, head of BNY's AI hub, as saying: "We feel AI has transformational power and will be part of every product and service. In return, OpenAI will gain more insight into how its models perform when carrying out complex tasks in real-world situations, according to the WSJ report. OpenAI's chief operating officer Brad Lightcap cited the banking sector as one of the most prolific users of AI as well as a recruiter of top talent and a filer of numerous AI-related patents. "We've felt a lot of pull and a lot of demand there," said Lightcap. "I don't suspect that's going to let up."
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BNY Teams With OpenAI to Bring 'Transformational' AI to Banking | PYMNTS.com
"We feel AI has transformational power and will be part of every product and service," said Sarthak Pattanaik, head of BNY's AI hub, per the report. "We've felt a lot of pull and a lot of demand there," Lightcap said, per the report. "I don't suspect that's going to let up." The BNY partnership is also a chance to work with a company well into its AI efforts, as the bank debuted Eliza last year, according to the report. A report last year by PwC argued that generative AI was poised to transform the banking industry, offering opportunities for efficiency, security and customer satisfaction. The technology could streamline processes, enhance cybersecurity and provide personalized banking services while also impacting loan processing, fraud detection and risk management. Meanwhile, the PYMNTS Intelligence report "Is AI the Master Key to Banking's Next Era?" found that nearly three-quarters of all finance leaders said they're using AI in their operations, with its applications ranging from fraud detection (64%) to customer onboarding automation (42%). Nearly all banking boards have backed generative AI initiatives. "Leaders view AI as a tool for efficiency and a way to create hyper-personalized customer experiences, a critical factor as 50% of retail banking consumers are not satisfied with their current banking options," PYMNTS wrote in September. "This growing reliance on AI signifies a pivotal moment where banks must evolve or risk being overshadowed by nimble Big Tech competitors."
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BNY Mellon and OpenAI have entered into a strategic partnership to develop an AI platform, aiming to transform banking services and products while providing OpenAI with real-world insights into their AI models' performance.
BNY Mellon and OpenAI Forge Strategic AI Partnership
In a significant move that underscores the growing importance of artificial intelligence in the financial sector, BNY Mellon (formerly Bank of New York Mellon) has struck a deal with OpenAI to develop an advanced AI platform. This collaboration aims to revolutionize banking services and products while providing OpenAI with valuable insights into the real-world performance of their AI models 1.
Access to Cutting-Edge AI Resources
The partnership grants BNY Mellon access to OpenAI's extensive resources, including Deep Research, a web-browsing tool recently made available to all ChatGPT users. This access is expected to significantly enhance BNY Mellon's AI capabilities across its operations 1.
Transformational Power of AI in Banking
Sarthak Pattanaik, head of BNY's AI hub, emphasized the transformative potential of AI in the banking sector, stating, "We feel AI has transformational power and will be part of every product and service" 2. This sentiment reflects the growing recognition of AI's role in shaping the future of financial services.
OpenAI's Strategic Interest in Banking
Brad Lightcap, OpenAI's chief operating officer, highlighted the banking sector as one of the most prolific users of AI, noting the industry's active recruitment of top talent and numerous AI-related patent filings. "We've felt a lot of pull and a lot of demand there," Lightcap remarked, indicating a sustained interest in AI applications within banking 1.
BNY Mellon's Existing AI Initiatives
The partnership builds upon BNY Mellon's existing AI efforts, including the launch of Eliza last year, demonstrating the bank's commitment to integrating AI into its operations 2.
Industry-Wide AI Adoption in Banking
A PwC report highlighted generative AI's potential to transform the banking industry, offering opportunities for enhanced efficiency, security, and customer satisfaction. The technology is expected to streamline processes, improve cybersecurity, and provide personalized banking services, while also impacting loan processing, fraud detection, and risk management 2.
Current AI Usage in Finance
According to a PYMNTS Intelligence report, nearly three-quarters of finance leaders are already using AI in their operations. Applications range from fraud detection (64%) to customer onboarding automation (42%). The report also noted that almost all banking boards have endorsed generative AI initiatives 2.
Reference
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