BNY unveils updated Eliza platform, says 98% of employees are trained on AI

Core Insights - BNY Mellon is upgrading its AI platform, Eliza, to enhance employee efficiency and client response times [1][4] - The bank's CEO emphasized that AI is viewed as a capacity generator, with 98% of employees trained on generative AI [2] - BNY Mellon ranks 14th in AI adoption among the top 50 banks, with a significant push to improve its standing [3] Company Developments - The new version of Eliza will enable employees to access data from various sources, including live market data, to improve client service [4] - The upgrade aims to reduce the time needed for developing client briefings from hours to minutes [5] - Employees are already utilizing Eliza for various tasks, such as reconciling transactions and writing code, highlighting the critical nature of AI fluency [8] Industry Context - The banking industry is increasingly adopting AI, with all top 50 banks referencing AI in investor relations documents [3] - However, only six of the tracked banks reported a financial impact from AI, raising questions about the transformation of core banking functions [6] - BNY Mellon employs a "walled garden" approach for training its AI systems while also integrating external models [7]