In early 2023, BNY's executives began strategizing on how to implement AI technology following OpenAI's ChatGPT release. Despite the potential risks associated with AI, including regulatory concerns and data sensitivity, the bank acknowledged AI's significant promise. BNY developed a tool called Eliza, which utilizes AI algorithms and allows staff to create specialized chatbots for compliance and reasoning tasks. The bank also announced a collaboration with OpenAI to explore financial services applications, emphasizing the need to innovate as it approaches its 240th anniversary.
BNY executives recognized that AI could be one of the most significant technological developments in the company's history, and they didn't want to miss the boat.
BNY moved quickly to fold AI into its infrastructure, launching a tool last year called Eliza, which is powered by existing models including OpenAI's GPT-4.
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