BNY is deploying AI and agentic AI to enhance employee and consumer experiences for onboarding, billing, payments, coding and more.
By the end of the third quarter, BNY had 117 AI solutions in production, Chief Executive Robin Vince said today during the bank’s Q3 earnings call. “That is an increase of 75% compared to the prior quarter.”
AI agents have been deployed to:
- Identify new business leads;
- Write code;
- Automate payment processing;
- Accelerate client onboarding; and
- Increase automation of reconciliations.
The $2.1 trillion BNY has more than 100 agents already actively helping with tasks like payment validation and code repairs, Vince said. “We believe our AI opportunity is significant, and we are pursuing it with urgency.”
Also, in Q3 the bank updated its enterprise AI platform, Eliza, he said.
Read more: BNY embraces AI with deployment of digital agents
Efficiency, revenue climb
- Revenue increased 9% year over year during Q3 to $5.1 billion; and
- Noninterest expense, which reflects higher investments, employee merit increases, offset by efficiency savings, reached $3.2 billion in Q3, up 4% YoY.
BNY [NYSE: BK] stock was down 1.5% to $107.26 at 2:23 p.m. ET today. BNY has a market capitalization of $75.6 billion.
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