AI chatbots and agents are increasingly taking on various roles in the financial services sector.
Some of these “digital employees” even have company logins, as mentioned in a recent Wall Street Journal report. BNY is utilizing two types of AI agents created by its AI hub.
One type of agent identifies weaknesses in the company’s systems, generates code, and seeks human manager approval. Another type at BNY is focused on validating payment processes.
These AI agents have limited access to corporate information, ensuring security is maintained.
At JPMorgan, there’s a general AI chatbot available to 230,000 employees, along with specialized agent AI tailored to specific job functions.
The bank plans to evaluate access to these AI agents on an individual basis, as per the report.
Insights from PYMNTS Intelligence suggest that about two-thirds of CFOs in highly automated firms are contemplating the adoption of agent AI as a sensible next step.
In contrast, only 11% of companies that still depend largely on manual processes are considering integrating agent AI.
This past February, BNY entered a multi-year agreement with OpenAI to enhance its in-house AI platform, called Eliza.
According to Sarthak Pattanaik, head of BNY’s AI hub, “I feel that AI has a transformational power and is part of all our products and services.”
On June 3, JPMorgan Chase announced its LLM Suite, part of their Generation AI platform, which can utilize external large language models, like those from OpenAI, to assist employees with emails, contract analysis, and other tasks.
After attracting over 200,000 users within eight months of its launch in summer 2024, the bank plans to integrate the suite with more internal data sources and develop an AI agent, according to a June 3 press release.
“The North Star of LLM Suite is to position it as an AI hub for employees,” said Derek Waldron, JP Morgan Chase’s Chief Analytics Officer, in the same release.
