Khaberni - Many leading financial companies on Wall Street have begun integrating artificial intelligence technologies into their daily life, starting from heavy investment in it to relying on it for daily job functions.
This extended impact of AI technologies has made mastering artificial intelligence a part of the essential skills required to become a prominent employee.
Despite this positive effect, the administrations of major banks and financial companies face many challenges in dealing with cyber-attacks enhanced by artificial intelligence.
Following are the mechanisms by which the major banks and financial companies have harnessed the capabilities of artificial intelligence:
1-JP Morgan Chase
JP Morgan Chase, one of the largest financial institutions in the world, allocates a budget of up to 18 billion dollars to integrate technology, particularly artificial intelligence, into its daily operations.
The bank has recently revealed a platform based on generative artificial intelligence and made it accessible to more than 200,000 employees, with more than 100 future tools planned in its pipeline.
A report published by "Business Insider" indicates that the bank enables its employees to use its AI tools to write its quarterly reports.
The bank's CEO, Jamie Dimon, affirms that the bank’s investment in the artificial intelligence sector was appropriate and has saved them over two billion dollars so far.
2-Citigroup
Citigroup has accelerated its efforts to integrate artificial intelligence technologies into its daily operations and develop its own systems, as part of the vision of the bank's CEO, Jane Fraser.
Fraser clarified in October last year that more than 180,000 employees in 83 countries around the world have started using the bank’s AI tools more than 7 million times during this year alone.
The bank introduced the initial version of its AI agent and began testing it with 5,000 employees in September last year.
This tool, according to Fraser's statements, enables the execution of a series of complicated tasks that consist of more than one step by executing a single command, adding that "finally, we launched a company-wide effort to systematically integrate AI into our operations from start to finish to achieve greater efficiency, reduce risks, and improve customer experience."
Shadman Zafar, one of the senior technology executives at Citigroup, reviewed the AI strategy adopted by the group, which consists of four stages and how it will change "our way of working for decades to come."
Essentially, Citigroup uses artificial intelligence for writing, reviewing, and auditing annual reports and executing some internal operations that used to take a long time, and it also relies on it for managing its internal systems by bank programmers.
3-Goldman Sachs
Goldman Sachs has invested more than 6 billion dollars in developing artificial intelligence technologies, though its CEO David Solomon wished to invest more if not for his concern about investment returns.
Solomon explained that the software engineers in the group are now the biggest beneficiaries of artificial intelligence technologies, as well as introducing an AI assistant aimed at all its internal employees in the past months.
In general, the bank uses AI tools similar to "Chat GPT" developed internally by the bank, in addition to AI tools specifically for data analysis.
4-Morgan Stanley
Ted Pick, the CEO of Morgan Stanley, disclosed the AI tools that the company intends to use in the coming period, confirming that these tools have saved its employees more than 280,000 hours of work compared to old methods.
He especially highlighted a tool called "Parable," an interactive data analysis and summarization tool, as well as "LeadIQ," a platform for distributing and monitoring clients enhanced with artificial intelligence.
On the other hand, bank employees prefer using "Chat GPT" among external tools, according to a statistic published by "Business Insider".
