Banks Adopting AI Agents After Seeing Benefits of AI Chatbots

Artificial intelligence (AI) chatbots and AI agents are reportedly taking on more tasks in the financial services industry.

In some cases, these “digital employees” have company logins, the Wall Street Journal (WSJ) reported Monday (June 30).

BNY is now using two types of AI agents developed by its AI Hub, according to the report.

One spots vulnerabilities in company systems, writes code to patch them and then asks a human manager for approval, the report said. BNY’s other AI agent validates payment instructions.

The AI agents are restricted in such a way that they do not have broad access to companywide information, per the report.

JPMorgan Chase has a general AI chatbot that can be accessed by 230,000 employees and is working on agentic AI that will be tailored to individual job groups, according to the report.

The bank is considering how much access to give these AI agents and will decide on a case-by-case basis, per the report.

A forthcoming report from PYMNTS Intelligence found that among the chief financial officers at enterprise-level companies that have become highly automated through the use of generative AI, two-thirds are considering adopting agentic AI as a “logical next step.”

Meanwhile, at companies still relying heavily on manual workflows, only 11% are considering agentic AI.

It was reported in February that BNY and OpenAI launched a multiyear agreement in which BNY gained access to OpenAI’s AI tools in hopes of boosting the bank’s in-house AI platform, Eliza.

“We feel AI has transformational power and will be part of every product and service,” Sarthak Pattanaik, head of BNY’s AI hub, said at the time.

JPMorgan Chase said June 3 that its generative AI platform, LLM Suite, can tap external large language models like those from OpenAI and can help employees write emails, analyze contracts, do research and perform other tasks.

After seeing LLM Suite adopted by more than 200,000 users in the first eight months after its summer 2024 launch, the bank is now integrating it with additional internal data sources and creating AI agents, the bank said in a June 3 press release.

“The North Star for LLM Suite is to position it as an AI hub for employees,” JPMorgan Chase Chief Analytics Officer Derek Waldron said in the release.

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