According to a high-ranking official at the Wall Street giant N (N), the corporation is currently involved in twelve initiatives that will integrate generative artificial intelligence into its operational framework.
As per George Lee, who serves as the co-leader of Goldman’s applied innovation business sector, some of the most advanced projects entail the ability to write code using English-language instructions and generate documentation.
Due to the regulated nature of financial services, Lee elaborated that none of the projects are immediately client-facing, unlike scenarios where the bank offers financial advisory services to customers.
In his role as the co-head of Goldman’s newly established global university, Lee guides individuals on the convergence of politics, systems, and industry, emphasizing a deliberate and cautious approach to progress.
Various enterprises, including financial institutions, are weighing the potential advantages that relational AI can offer against the challenges posed by this emerging technology landscape.
Rival Morgan Stanley is developing a generative AI bot to aid financial advisors in accessing research materials or sifting through extensive documentation, with the collaboration of ChatGPT creators from OpenAI.
Additionally, JPMorgan’s Chase is in the process of developing software that utilizes AI for asset selection purposes.
While acknowledging the excitement surrounding the technology and its capabilities, Lee emphasized the necessity of having a “human in the loop” to oversee operations and intervene as necessary, as highlighted during his discussion at Reuters NEXT.
With relational AI capable of furnishing responses to financial inquiries, professionals in the advisory sector are compelled to enhance the value they provide to clients in order to justify their fees.
Lee views this as a compelling impetus for companies to recognize the imperative of elevating the quality of service extended to their clientele.
Investors exhibit a keen interest in conceptual AI for its potential to support enterprises at the vanguard of technological innovation. However, venture capitalists face challenges in a landscape where major tech corporations have substantial investments in leading platforms, constraining their capital deployment opportunities compared to previous investment trends in pioneering sectors.
In the nascent stages, the primary beneficiaries of this technology are predominantly major corporations and significant players in the industry, presenting venture capitalists with a dilemma regarding their investment strategies, as noted by Lee.
Although the current environment poses challenges, Lee anticipates that venture capitalists will encounter a growing array of intriguing investment prospects in the future, reflecting a contentious discourse within Silicon Valley at present.
