Cashing In on AI

Content

The banking industry is a large proponent of generative-artificial-intelligence experimentation and adoption, according to Evident Insights's AI Index. The information services firm's research highlights the role leadership, governance, and risk controls will play in adoption strategies. Of a pool of 50 large banks, 41 had dedicated AI governance professionals by the end of 2024.

The banking industry is a large proponent of generative-artificial-intelligence experimentation and adoption, according to Evident Insights's AI Index. The information services firm's research highlights the role leadership, governance, and risk controls will play in adoption strategies. Of a pool of 50 large banks, 41 had dedicated AI governance professionals by the end of 2024.

Content

In addition, many financial institutions are deploying large language models, which companies can pre-train using vast amounts of data. LLMs can perform tasks such as answering questions, summarizing documents, translating languages, and completing sentences.

In addition, many financial institutions are deploying large language models, which companies can pre-train using vast amounts of data. LLMs can perform tasks such as answering questions, summarizing documents, translating languages, and completing sentences.

Content

Last fall, JPMorgan Chase introduced its LLM AI assistant to 140,000 employees. But, before the rollout, the company added prompt engineering training to its onboarding process for new hires within its asset and wealth management department. The financial organization led its industry in AI adoption last year, hiring 20 people in governance roles, according to Evident Insights' AI Index—almost three times the average among the 50 banks.

Last fall, JPMorgan Chase introduced its LLM AI assistant to 140,000 employees. But, before the rollout, the company added prompt engineering training to its onboarding process for new hires within its asset and wealth management department. The financial organization led its industry in AI adoption last year, hiring 20 people in governance roles, according to Evident Insights' AI Index—almost three times the average among the 50 banks.

Content

Morgan Stanley used OpenAI to launch its AskResearchGPT chatbot, which "is emblematic of our tech- forward philosophy in Institutional Securities," says Katy Huberty, global director of research and co-chair of the Morgan Stanley AI Steering Committee, in a press release. "AskResearchGPT boosts our employees' ability to support our clients with just that—better and at scale." Huberty says the company's most important objective is for clients to give them the information they need to minimize risk and produce steady returns.

Morgan Stanley used OpenAI to launch its AskResearchGPT chatbot, which "is emblematic of our tech- forward philosophy in Institutional Securities," says Katy Huberty, global director of research and co-chair of the Morgan Stanley AI Steering Committee, in a press release. "AskResearchGPT boosts our employees' ability to support our clients with just that—better and at scale." Huberty says the company's most important objective is for clients to give them the information they need to minimize risk and produce steady returns.

Content

Continuing the trend, Citigroup has equipped 30,000 developers with generative-AI coding tools, and BNY expanded its partnership with OpenAI to build a Microsoft Copilot-enabled generative-AI platform known as "Eliza."

Continuing the trend, Citigroup has equipped 30,000 developers with generative-AI coding tools, and BNY expanded its partnership with OpenAI to build a Microsoft Copilot-enabled generative-AI platform known as "Eliza."

Content

While Evident Insight's research highlights leadership, governance, and risk control, responsible AI talent comprised just 247 people across 50 banks at the end of 2024 (20 of those at JPMorgan Chase). However, as banks hire more professionals for governance roles, more than half have established AI oversight teams. Comparatively, only 15 banks had AI oversight teams in 2023.

While Evident Insight's research highlights leadership, governance, and risk control, responsible AI talent comprised just 247 people across 50 banks at the end of 2024 (20 of those at JPMorgan Chase). However, as banks hire more professionals for governance roles, more than half have established AI oversight teams. Comparatively, only 15 banks had AI oversight teams in 2023.