Banking
CEO Robin Vince earlier cautioned BNY had "operated in a way that was vertically integrated and became siloed..."
Thanks to Artificial Intelligence and $17 billion on technology spending annually, it will not be the same when he leaves.
Cloud-based ChatGPT 3.5 turbo as the underlying model, with NeuralSeek-powered RAG in support.
The challenger bank has made big investments in tech and is committed to building its own native systems to own every part of its stack
90% of controls on one trading desk were manual and key processes including trade pricing were "conducted manually, predominantly, in Excel spreadsheets..."
"One of the things in particular I'm looking at right now is a large competitor of yours. It presents a little bit of a risk…"
“The target operating model is UBS. The IT that we choose is UBS… It doesn't mean that necessarily all the time the UBS technology and target operating model is the right one. But it is the one that we can execute faster…”
“Increasingly complex and ad hoc software patches needed to deal with emerging problems and inconsistencies in the forecasting process” says former Fed chairman.
"We continue to upgrade many of our IT systems and are transforming how software solutions are developed..."