News Report Technology
November 10, 2023

Goldman Sachs Embraces Generative AI to Elevate Financial Service Offerings

In Brief

Goldman Sachs said it is actively involved in a dozen projects that currently integrate generative AI into its business practices.

Goldman Sachs Embraces Generative AI to Elevate Financial Service Offerings

Goldman Sachs announced it is actively involved in a dozen projects that currently integrate generative AI into its business practices. However, the company said that none of these projects are currently client-facing, given the regulated nature of financial services, where the bank provides direct financial advice to customers.

The company is gradually and deliberately deploying its activity towards clients. Among the most eminent projects that Goldman Sachs is currently engaged with, involve writing code using English-language commands and generating documentation.

Banks Exploring the Benefits of Generative AI

Companies, including banks are grappling with the potential benefits that generative AI can bring to their businesses and how to effectively address the challenges posed by this new technology.

Rival Morgan Stanley has recently introduced a generative AI bot designed to assist financial advisers in finding research or sifting through thousands of forms, developed in collaboration with OpenAI.

JPMorgan Chase is also in the process of developing software that utilizes AI to select investments. 

But, despite the promising nature of the technology, it still requires human involvement to oversee and intervene as needed.  The ability of generative AI to provide responses to financial questions also implies that those offering professional advice must enhance their efforts to justify the fees charged to clients.

Tech Giants Outpace VCs in the AI Arena 

Generative AI has captured significant attention from investors eager to support companies at the forefront of technological innovation. 

However, in contrast to previous investment trends in other pioneering sectors, venture capitalists now confront a landscape where established tech giants play a substantial role in many early platforms, constraining their capacity to deploy capital.

Venture capitalists are grappling with a genuine dilemma regarding where and how to invest in this arena. Early indications suggest that the primary beneficiaries are predominantly large companies and major platform entities, adding complexity to the decision-making process for venture capitalists.

According to Goldman Sachs’ AI investment forecast, predicting the exact timing of the AI investment cycle is challenging. The investment’s impact is anticipated in the second half of the decade, with larger firms in information and professional, scientific, and technical services expected to adopt the technology earlier.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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