US-based investment bank and global custodian BNY has agreed a deal with OpenAI, the creator of generative AI platform ChatGPT, to help with the development of the bank's proprietary AI platform Eliza.
According to a Wall Street Journal (WSJ) report, the deal will give BNY, previously known as Bank of New York Mellon, access to OpenAI's numerous resources including Deep Reseach, a web-browsing tool that has just been rolled out to all ChatGPT users.
The report quotes Sarthak Pattanaik, head of BNY's AI hub, as saying: "We feel AI has transformational power and will be part of every product and service.
In return, OpenAI will gain more insight into how its models perform when carrying out complex tasks in real-world situations, according to the WSJ report.
OpenAI's chief operating officer Brad Lightcap cited the banking sector as one of the most prolific users of AI as well as a recruiter of top talent and a filer of numerous AI-related patents.
“We’ve felt a lot of pull and a lot of demand there,” said Lightcap. “I don’t suspect that’s going to let up.”