BNY builds “AI for everyone, everywhere” with OpenAI

Key Concepts

• BNY Mellon: A global financial services platform, a leading custodian of assets.
• Eliza: BNY Mellon’s internal innovation accelerator platform powered by AI.
• Generative AI: Considered the future “operating system of technology” by BNY Mellon.
• Responsible AI: A core principle, with 98% of employees trained in its practices.
• AI Agents: Custom-built AI tools created by employees to automate tasks and enhance productivity.
• Data Governance & Quality: Key areas of focus for leveraging AI effectively.

BNY Mellon’s AI Transformation: Eliza and the Future of Financial Services

BNY Mellon, a global financial services platform managing $55.8 trillion in assets, is undergoing a significant transformation driven by Artificial Intelligence (AI). The core principle underpinning this transformation is maintaining and enhancing trust – both internally and with clients. The company views AI not as a replacement for human interaction, but as a tool to augment capabilities and free up valuable time for client engagement.

The Eliza Platform: AI for All

Central to BNY Mellon’s AI strategy is “Eliza,” an innovation accelerator platform built with “some of the most frontier AI capabilities.” The platform’s ambition is to make AI accessible to all 50,000+ employees, embodying the mantra “AI for everyone everywhere and in everything.” This democratization of AI is intended to unlock data-driven decision-making, improve data governance, and enhance data quality across the enterprise.

Employee Empowerment & Agent Creation

A key component of Eliza’s success is employee involvement. Notably, 20,000 employees have already created their own AI agents – customized AI tools designed to address specific business challenges. An example provided is a team that built an agent capable of rebranding and correcting all of the company’s learning collateral. This illustrates the concept of AI as a “thought partner,” assisting employees and multiplying their impact. The benefits highlighted include cost savings, increased speed, and improved consistency of work products.

Responsible AI & Training

BNY Mellon places a strong emphasis on Responsible AI. 98% of the company’s workforce has completed training in this area, demonstrating a commitment to ethical and safe AI implementation. This focus on responsible practices is crucial for maintaining the trust that is central to BNY Mellon’s business.

Strategic Partnership with OpenAI

BNY Mellon has established a strategic relationship with OpenAI, recognizing its position at the forefront of AI research, particularly in areas like reasoning models and deep research capabilities. This partnership ensures access to the latest advancements in AI and provides valuable guidance for implementation. The company aims to “embrace the best of what got us here, but also be excited that the best days are ahead,” with AI playing a pivotal role in that future.

Generative AI as the Future Operating System

BNY Mellon believes that Generative AI will become the “operating system of technology going forward.” This perspective underscores the company’s commitment to investing in and integrating generative AI capabilities into its core operations. The focus isn’t simply on efficiency gains, but on enabling more “quality time” and “quality conversation” with clients.

Logical Connections & Synthesis

The transcript demonstrates a clear progression from a foundational principle of trust, to the implementation of a comprehensive AI strategy through the Eliza platform, and finally to a vision of AI as a transformative force in the future of financial services. The emphasis on employee empowerment, responsible AI practices, and strategic partnerships highlights a holistic approach to AI adoption. The core takeaway is that BNY Mellon views AI not as a disruptive threat, but as a powerful tool to enhance its existing strengths, improve client relationships, and drive innovation.