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Artificial intelligence is increasingly being integrated in the banking workforce, taking on more tasks in areas such as software development and client experience.
Bank of New York Mellon (NYSE:BK) employs dozens of AI employees that work autonomously in coding and payment instruction validation, with the aim of expanding beyond these areas someday.
These workers also have company logins and direct managers, the bank’s Chief Information Officer Leigh-Ann Russell told The Wall Street Journal. For example, a digital engineer can identify a vulnerability in the company’s systems, write new code to fix it, and then seek approval for the patch from a human manager.
Digital workers may eventually be able to proactively communicate with colleagues through email and Microsoft Teams. It’s still early for the technology, but Russell said it could become “very, very prevalent” in six months’ time.
Derek Waldron, analytics chief at JPMorgan Chase (NYSE:JPM), said digital workers may need their own type of system connectivity and access management. He sees a future where every employee will have an AI assistant and every client experience will have an AI concierge.
Currently, 230,000 JPMorgan (NYSE:JPM) employees have access to its proprietary AI chatbot, and the goal is to build out more autonomous versions that are further tailored to individual job groups.
Besides increasing productivity, Deloitte expects AI tools to help save 20%-40% in software investments for the banking industry by 2028.