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Yahoo
23-05-2025
- Business
- Yahoo
This bank is using AI versions of its analysts to meet clients' demand for videos
UBS is using AI to create avatar videos from analysts' notes. 36 analysts covering a range of sectors are taking part in the Swiss bank's initiative. UBS told Business Insider that clients have been seeking more video options. Banks are using AI to save their analysts' time while giving clients what they want. Bank of America uses "Banker Assist" to aggregate information to offer insights unique to each client, while Goldman Sachs has a "GS AI Assistant" that functions as an in-house ChatGPT for staff. Swiss bank UBS has gone further, using AI to generate avatars of analysts that explain their research to clients, and it's planning to do this more. The Swiss bank started using AI avatars of some analysts in January. About 36 UBS analysts, or 5% of its total, have volunteered to take part. They cover sectors including technology, consumer goods, and energy. UBS's use of AI avatars was first reported by The Financial Times. Using OpenAI and Synthesia tools, a script is generated in a matter of seconds that is then edited by staff. Scott Solomon, head of global research technology at UBS, told Business Insider that his team started creating videos of analysts a decade ago, but capacity restrictions meant they were capped at about 1,000 annually. Analysts were writing an average of two notes a week but would only go to the video studio once a quarter, he said. The new tools are "enabling somebody to use a capability in video that they weren't really able to use before," he said. It also gives clients another way to digest information and meet their rising demand for video, Solomon said. He compared an avatar to other parts of an analyst's toolkit. "When an analyst joins UBS, we give them Excel, we give them our authoring platform, we give them a CRM [customer relationship management] tool so they can talk to clients. I want them to have an avatar," he said. Solomon said the next step would be integrating the technology so that a video can eventually be created when an analyst publishes a note — without the need for editing. He said he hoped this would become possible by the end of the year. Even if the process was fully automated, UBS said analysts will still assess a video based on their notes before it is sent to clients. Solomon said that ideally, the avatars would eventually become part of the onboarding process, so that whenever a note is published, there's a video too. The next step would be integrating this capability directly into the authoring platform. "We have the script generator, we have the ability to send the script to generate the avatar, and then we obviously have the ability to deliver the avatar to clients," Solomon said. "We want to string all that together so that as they're writing the note, they can get the video with it as well. Our goal is absolutely not to do 50,000 videos a year, but clearly there's an opportunity to do more videos than we are today." Read the original article on Business Insider
Business Insider
23-05-2025
- Business
- Business Insider
This bank is using AI versions of its analysts to meet clients' demand for videos
Bank of America uses " Banker Assist" to aggregate information to offer insights unique to each client, while Goldman Sachs has a " GS AI Assistant" that functions as an in-house ChatGPT for staff. Swiss bank UBS has gone further, using AI to generate avatars of analysts that explain their research to clients, and it's planning to do this more. The Swiss bank started using AI avatars of some analysts in January. About 36 UBS analysts, or 5% of its total, have volunteered to take part. They cover sectors including technology, consumer goods, and energy. UBS's use of AI avatars was first reported by The Financial Times. Using OpenAI and Synthesia tools, a script is generated in a matter of seconds that is then edited by staff. Scott Solomon, head of global research technology at UBS, told Business Insider that his team started creating videos of analysts a decade ago, but capacity restrictions meant they were capped at about 1,000 annually. Analysts were writing an average of two notes a week but would only go to the video studio once a quarter, he said. The new tools are "enabling somebody to use a capability in video that they weren't really able to use before," he said. It also gives clients another way to digest information and meet their rising demand for video, Solomon said. He compared an avatar to other parts of an analyst's toolkit. "When an analyst joins UBS, we give them Excel, we give them our authoring platform, we give them a CRM [customer relationship management] tool so they can talk to clients. I want them to have an avatar," he said. Solomon said the next step would be integrating the technology so that a video can eventually be created when an analyst publishes a note — without the need for editing. He said he hoped this would become possible by the end of the year. Even if the process was fully automated, UBS said analysts will still assess a video based on their notes before it is sent to clients. Solomon said that ideally, the avatars would eventually become part of the onboarding process, so that whenever a note is published, there's a video too. The next step would be integrating this capability directly into the authoring platform. "We have the script generator, we have the ability to send the script to generate the avatar, and then we obviously have the ability to deliver the avatar to clients," Solomon said. "We want to string all that together so that as they're writing the note, they can get the video with it as well. Our goal is absolutely not to do 50,000 videos a year, but clearly there's an opportunity to do more videos than we are today."
Business Insider
23-05-2025
- Business
- Business Insider
This bank is using AI versions of its analysts to meet clients' demand for videos
Banks are using AI to save their analysts' time while giving clients what they want. Bank of America uses " Banker Assist" to aggregate information to offer insights unique to each client, while Goldman Sachs has a " GS AI Assistant" that functions as an in-house ChatGPT for staff. Swiss bank UBS has gone further, using AI to generate avatars of analysts that explain their research to clients, and it's planning to do this more. The Swiss bank started using AI avatars of some analysts in January. About 36 UBS analysts, or 5% of its total, have volunteered to take part. They cover sectors including technology, consumer goods, and energy. UBS's use of AI avatars was first reported by The Financial Times. Using OpenAI and Synthesia tools, a script is generated in a matter of seconds that is then edited by staff. Scott Solomon, head of global research technology at UBS, told Business Insider that his team started creating videos of analysts a decade ago, but capacity restrictions meant they were capped at about 1,000 annually. Analysts were writing an average of two notes a week but would only go to the video studio once a quarter, he said. The new tools are "enabling somebody to use a capability in video that they weren't really able to use before," he said. It also gives clients another way to digest information and meet their rising demand for video, Solomon said. He compared an avatar to other parts of an analyst's toolkit. "When an analyst joins UBS, we give them Excel, we give them our authoring platform, we give them a CRM [customer relationship management] tool so they can talk to clients. I want them to have an avatar," he said. Solomon said the next step would be integrating the technology so that a video can eventually be created when an analyst publishes a note — without the need for editing. He said he hoped this would become possible by the end of the year. Even if the process was fully automated, UBS said analysts will still assess a video based on their notes before it is sent to clients. Solomon said that ideally, the avatars would eventually become part of the onboarding process, so that whenever a note is published, there's a video too. The next step would be integrating this capability directly into the authoring platform. "We have the script generator, we have the ability to send the script to generate the avatar, and then we obviously have the ability to deliver the avatar to clients," Solomon said. "We want to string all that together so that as they're writing the note, they can get the video with it as well. Our goal is absolutely not to do 50,000 videos a year, but clearly there's an opportunity to do more videos than we are today."
Business Insider
13-05-2025
- Business
- Business Insider
Goldman is assembling a growing arsenal of AI tools. Here's everything we know about 5.
Last summer, Goldman Sachs' tech chief, Marco Argenti, shared a "completely not scientific" prediction with Business Insider that, in about three years, almost "100%" of Goldman's global workforce would interact with artificial intelligence while doing their jobs. "It's going to be just like email at the end of the day," Argenti, the bank's chief information officer, said about AI in the 2024 interview, calling it "something that in some form is going to touch everyone." About a year later, the firm appears to be well on the way toward its goal. Argenti came to Wall Street in 2019 by way of Amazon's gigantic cloud business, and now finds himself at the nexus of the bank's accelerating AI strategy. With his help, the firm has rolled out multiple AI-powered tools for about 10,000 members of its more than 46,000-person worldwide workforce. It's planning to expand some — like its AI Assistant chatbot — to all employees by the year's end. On the firm's most recent earnings call, CEO David Solomon told shareholders he was expecting big things from AI — like his belief that it will "transform our engineering capabilities" and "modernize our technology stack." Top executives report witnessing some of the benefits Solomon was pointing to. Melissa Goldman, a partner and global head of engineering in the banking and markets division, told BI that software engineers using the developer copilot had seen efficiency gains of up to 20%. Goldman's growing suite of tools so far aims to boost employees' productivity. The firm is creating copilots designed to remove some of the drudgery from bankers' lives, for instance, like assembling presentations and prepping for client meetings; and AI polyglots fluent in several languages, saving research-distribution teams days burned doing manual translations. All the tools were built on the bank's proprietary GS AI Platform, which debuted in 2024. It's equipped with access to some of the most prominent large language models, like ChatGPT or Google's Gemini, but a protective layer was added to insulate the firm's sensitive data from outsiders. Over the past year, BI has talked to multiple Goldman executives, including Argenti and Goldman, about their AI strategy. Through interviews and a review of the firm's public comments, we compiled intel about five of Goldman's AI tools, including what they do and whom they were made for. Details about each one tell a story about where the bank stands today on its AI journey. Here's everything we know. GS AI Assistant What it does: Goldman Sachs' in-house version of ChatGPT Think of the GS AI Assistant as a sidekick for Goldman employees. It uses a chat interface, similar to that of ChatGPT, but can pull its responses from the bank's confidential data repository. Right now, it's available to about 10,000 workers; the firm is intending to get it in the hands of the rest of the bank's workforce of over 46,000 by the end of the year. It can perform a variety of functions, helping executives draft presentations and plan off-site meetings, or serving as a "personal tutor" for quant strategists. What's more, this system is a backbone of Goldman's AI offerings — a wellspring from which several other tools, like Translate AI, described below, have emerged. As seven Goldman employees ranging from analyst to partner recently told BI, the GS AI Assistant is becoming part of daily life at the firm. These regular users spoke about use cases ranging from learning about printing call options and authoring original lines of code to preparing notes to guide intense strategic discussions. "I use it every day for getting a head start on traditionally time-consuming tasks," said one engineering associate about how he leverages the tech. It's been "saving me hours every week," the associate, Konstantin Kuchenmeister, added. Banker Copilot What it does: Streamlines some aspects of investment bankers' jobs Members of Goldman's investment banking division are also set to get an AI boost with the bank's so-called banker copilot, which makes access to high-level, protected data about matters like deal-making available to eligible users. Only a small group numbering in the dozens has access to it right now since it's in the early stages of development. But the promise of what the AI assistant could represent for the banking business is hard to deny. Solomon himself has acknowledged the potential for AI to automate large chunks of tedious processes, like drafting S-1 regulatory disclosures for initial public offerings, for instance. The banker copilot is expected to help users in several ways: among them, compiling data on clients and deals, analyzing corporate filings for hard-to-find cues that bankers would want to know about, drafting lengthy documents, or summarizing notes. It will have access to special subsets of data only to those authorized to see it. Legend AI Query What it does: A search tool that uses AI to navigate the bank's vast repository of data Goldman uses a system called Legend, an open-source data management and governance platform. Accessing Goldman's vast vault of knowledge used to require users to know what they were looking for — as well as where they were looking — ahead of time, using a tool called "Legend Query." Think of this process as being like perusing dozens of stacks in a library, but without a librarian to help. Enter Legend AI Query, a query tool that saves time by tapping artificial intelligence to serve as that librarian. Legend AI Query, which is in early stages of its rollout, is the firm's digital research assistant for accessing data using natural language descriptions. Neema Raphael, Goldman's chief data officer, told BI that this interface, combined with the bank's data, amounted to an "information superintelligence to help the human build a better mental model faster and quicker." Here's how it works: To access files that could be deep within the bowels of Legend, all a user has to do is enter a query into the system in plain English and AI will do the rest. Examples of requests could look like: Show me all swap trades with financial institution Y in Americas by the rates desk on May 1, 2025 Give me a list of commercial loan facilities that are maturing today. Can I get the last price for April 25 crude oil futures with ticker XYZ? Legend Copilot What it does: A fast-tracked way to upload data onto Legend, and keep the system organized Legend Copilot, which launched in October, is a tool primarily designed for use by data engineers to maintain Legend's infrastructure, and keep its information streams organized for others to access. Legend draws on data that originates in other databases, but still needs to be routed into the centralized Legend system. The AI-powered assistant enables Goldman's engineers to generate end-to-end data models or APIs in minutes, though it used to be a much lengthier process when they did it manually. The copilot also gives engineers templates on which they can create new reports, models, or APIs, streamlining the whole process. Translate AI As a global bank, Goldman Sachs has clients worldwide. Sometimes, those clients have a preferred language that's not English. To reach clients in their non-English speaking language, the bank would historically outsource some of this translation work, but turnaround times could stretch into days. That's why Goldman built Translate AI, an in-house and generative AI-powered solution that can translate text in seconds or minutes, on top of its GS AI Assistant platform. Teams within groups like asset and wealth management or global investment research are using Translate AI, which translates to and from English. Kerry Blum, a partner and global head of the equity structuring group who manages assets of high-net-worth individuals, told BI that members of her team were using the tool to translate writing in nine different languages so far.
