Fintech & Ecommerce

BNY and OpenAI to Bring Transformational Artificial Intelligence to Banking

OpenAI has launched a multi-year agreement with BNY, one of the oldest financial institutions in the United States.

BNY and OpenAI to Bring Transformational Artificial Intelligence to Banking

As part of the mentioned partnership, the specified lender, formerly Bank of New York Mellon, will gain access to artificial intelligence tools from the ChatGPT developer. It is known that in this case a tool such as Deep Research will be used. Currently, the financial institution is committed to boosting an in-house artificial intelligence platform called Eliza. The relevant information was published by the media last Wednesday, February 26.

As part of the partnership with the financial institution, OpenAI intends to glean insights into how its artificial intelligence models function when carrying out complex tasks in real-world situations. This was also reported by the media.

Sarthak Pattanaik, head of BNY’s AI hub, stated that the bank feels that artificial intelligence has transformational power and will be a part of every product and service over time.

Financial institutions are actively integrating machine intelligence technologies into their functional systems.

It is also worth noting separately that against the background of the active development and scaling of the practice of using artificial intelligence, the issue of cybersecurity is becoming more relevant. Scammers also have access to AI tools. For this reason, their activities have become more sophisticated. To counteract the corresponding threat in the virtual space, personal awareness of users is important. For example, an Internet search query such as how to know if my camera is hacked will allow anyone to get information about signs of unauthorized access to the device.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.