BNY Partners with OpenAI to Develop Proprietary AI Platform

BNY, the US-based investment bank and global custodian, has struck a deal with OpenAI to develop its proprietary AI platform, Eliza. The collaboration will grant BNY access to OpenAI’s resources, including Deep Research, a web-browsing tool recently made available to all ChatGPT users.

Sarthak Pattanaik, Head of BNY’s AI Hub, stated, “We believe AI has transformational power and will be integral to every product and service.”

In return, OpenAI will gain valuable insights into how its models perform in real-world, complex scenarios within the banking sector. Brad Lightcap, OpenAI’s Chief Operating Officer, highlighted the banking industry’s strong demand for AI, noting its role as a major recruiter of AI talent and a prolific filer of AI-related patents.

Lightcap added, “We’ve felt a lot of pull from the banking sector, and we don’t expect that to slow down.”