Banks Embrace AI Agents for Enhanced Security and Efficiency

Artificial intelligence (AI) chatbots and AI agents are increasingly taking on more tasks in the financial services industry. These digital employees are being used to enhance security, streamline processes, and improve efficiency, according to a report by the Wall Street Journal (WSJ).

BNY is now using two types of AI agents developed by its AI Hub. One agent identifies vulnerabilities in company systems, writes code to patch them, and then requests approval from a human manager. The other AI agent validates payment instructions. These AI agents are restricted to ensure they do not have broad access to companywide information.

JPMorgan Chase has a general AI chatbot accessible by 230,000 employees and is developing agentic AI tailored to individual job groups. The bank is carefully considering the level of access these AI agents will have, making decisions on a case-by-case basis.

A forthcoming report from PYMNTS Intelligence found that two-thirds of chief financial officers at highly automated enterprise-level companies are considering adopting agentic AI as the next logical step. In contrast, only 11% of companies still relying on manual workflows are considering agentic AI.

BNY and OpenAI launched a multiyear agreement in February, giving BNY access to OpenAI’s AI tools to enhance its in-house AI platform, Eliza. Sarthak Pattanaik, head of BNY’s AI hub, stated that AI has transformational power and will be integrated into every product and service.

JPMorgan Chase’s generative AI platform, LLM Suite, can leverage external large language models like those from OpenAI. The platform helps employees write emails, analyze contracts, and perform research. After being adopted by over 200,000 users in the first eight months, the bank is now integrating LLM Suite with additional internal data sources and creating AI agents.

Derek Waldron, JPMorgan Chase’s Chief Analytics Officer, emphasized that the goal for LLM Suite is to position it as an AI hub for employees. This initiative underscores the bank’s commitment to leveraging AI for improved operational efficiency and decision-making.

The adoption of AI agents in banking is not just about automating tasks; it’s about creating a more secure and efficient financial ecosystem. As more banks follow suit, the integration of AI is expected to transform the industry, offering better services and enhanced security for customers and employees alike.