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BlackRock rolls out GenAI to staff and clients

BlackRock rolls out GenAI to staff and clients

Global investment manager BlackRock has announced the rollout of generative AI tools as soon as January in a bid to embrace the nascent technology.

The world’s largest investment manager has already begun using GenAI to support its in-house risk management systems (Aladdin and eFront), a leaked internal memo reveals. BlackRock are now planning to roll the GenAI feature out to clients, who will be able to use their large language model (LLM) to extract information from Aladdin.

A memo to staff on 6 December from chief operating officer Rob Goldstein, chief innovation officer Kfir Godrich, and head of engineering for Aladdin, Lance Braunstein, read: “In the last year, we’ve seen a mass proliferation of GenAI that we believe will fundamentally change how the world operates. Like the advancement of the personal computer, internet and mobile phone, the promise and potential of GenAI to transform how we work and live is enormous.”

BlackRock’s news follows an increasing number of announcements of GenAI implementation in financial services. Earlier this month, Mastercard announced the launch of a GenAI retail assistant, Commerzbank confirmed the development of a GenAI-powered virtual assistant, and a UK Finance survey found that the majority of UK banks is already piloting GenAI.

Comments: (1)

Tara Doridy
Tara Doridy - WATF - Edmonton 27 December, 2023, 13:01Be the first to give this comment the thumbs up 0 likes

BlackRock's adoption of generative AI tools, known as GenAI, signals a transformative shift in the financial sector. The world's largest investment manager is set to roll out GenAI in January, initially using it for in-house risk management systems like Aladdin and eFront. The move aligns with the industry trend, with Mastercard and Commerzbank also embracing GenAI. The leaked internal memo emphasizes GenAI's potential to revolutionize work and life, likening it to past technological advancements. For those interested in DevOps and cutting-edge solutions, exploring Intellectsoft's offerings at https://www.intellectsoft.net/ may provide valuable insights into the evolving tech landscape in finance.