- The company is developing AI projects for various business applications.
- Goldman Sachs’ generative AI projects focus on the firm’s internal processes.
Goldman Sachs is making its foray into generative artificial intelligence (AI). The Wall Street giant is currently engaged in a dozen projects integrating generative AI into its core business operations. However, it’s noteworthy that none of these projects directly engage with clients, particularly in delivering financial advice.
According to a report by Reuters, George Lee, The Co-Head of Goldman’s Office of Applied Innovation, revealed the initiative at the Reuters NEXT conference. Among these projects, one of the most advanced initiatives involves the ability to write code using English-language commands.
Additionally, the technology is being harnessed to generate documentation. However, none of these projects directly engage with clients in offering financial advice. This is due to the regulated nature of financial services, which has prompted a cautious approach, Lee explained.
Goldman Sachs joins the ranks of financial institutions exploring the potential benefits of generative AI, with JPMorgan Chase also developing software employing AI for investment selection.
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AI Revolutionizing The Financial Sectors
In May, JPM announced that it was developing IndexGPT, a ChatGPT-like software service aimed at revolutionizing investment advice, according to a report by CNBC. The New York-based bank has applied for a trademark for the product.
IndexGPT is designed to leverage AI, specifically the Generative Pre-trained Transformer models, to analyze and select securities tailored to customer needs. This move followed the viral success of OpenAI’s ChatGPT, which has sparked an industry-wide race among tech giants to harness the potential of language models for various applications.
Meanwhile, NVIDIA, the American tech giant, unveiled its latest innovation, the “AI Workbench,” designed to revolutionize the development and deployment of generative AI. The announcement, as reported by The Distributed in August, was made during the SIGGRAPH (Special Interest Group on Computer Graphics and Interactive Techniques) conference.
The platform extends to scalability, allowing businesses to deploy AI tools to any data center, including NVIDIA DGX Cloud, using a PC or a mobile workstation. NVIDIA emphasized that this strategic move is geared towards making it easier for companies to adopt and customize AI solutions for their specific needs.
