- Wall Street banks are turning to artificial intelligence to streamline processes such as writing performance reviews.
- Software company Workday said it has seen increased interest from banks in new AI products.
- Companies like Deutsche Bank are implementing artificial intelligence to reduce the time junior bankers spend on simple tasks.
Wall Street banks want to speed up operations and cut costs by deploying artificial intelligence to write performance reviews, among other things, Workday’s chief executive said in interview with Bloomberg at his conference in Barcelona.
Workday co-CEO Carl Eschenbach said Wall Street banks are eager to get their hands on some of the new AI products.
Workday, a software company that provides tools to help companies manage their workforce, introduced a series of products using the technology in September Artificial intelligence improving efficiency at work including generating job descriptions in minutes instead of hours, and creating performance reviews faster. Products will be available in the coming months.
“You hire 100 employees and it takes seven hours to write a job description, or 700 hours,” Eschenbach said at the conference. “Now it takes two minutes. You can do the math, you just wrote it all down. This means an increase in productivity. By using artificial intelligence, you can achieve measurable impact.”
He explained that these tools are part of companies’ plans to streamline processes and reduce costs, for example they will not have to employ as many people or need as many employees as they currently do.
“You won’t need nearly as many heads if some pieces of code can be written with 80% AI,” Eschenbach said. “The promise of artificial intelligence is to increase productivity. If you increase the productivity of your existing workforce, you will need fewer workers.”
Many Wall Street banks are optimistic about how AI will improve productivity since its introduction OpenAI ChatGPT chatbot in November 2022
German bank is experimenting with artificial intelligence capabilities to transform its employees and increase their productivity. This includes using an AI bot to prepare a briefing for a client, which typically takes junior bankers one or two days.
JPMorgan CEO Jamie Dimon even believes that AI could shorten people’s workweeks by eliminating some of the more tedious tasks of the day.
European technology leader Accenture Jan Willem Van Den Bremen echoed Dimon’s thoughts at the Workday conference, saying that AI could eventually “free up” 40% of our working hours, giving people time to focus on more important tasks.