Goldman Sachs, one of Wall Street’s most prominent financial institutions, is fully embracing the potential of artificial intelligence (AI) and recognizing its transformative power. Marco Argenti, the Chief Information Officer at Goldman Sachs, asserts that AI is “probably one of the biggest revolutions or changes” he has witnessed. He believes that AI has the capacity to disrupt not only the financial industry but all digital and knowledge-based industries.
This perspective is a departure from the typical narrative that AI is primarily the domain of big tech companies. Increasingly, executives and companies outside of the technology sector are recognizing the value and potential of AI. For instance, Wendy’s, the popular fast-food chain, has implemented an AI chatbot in its drive-thrus, while cosmetics company Oddity uses AI for product development and consumer matching.
Argenti, drawing upon his extensive experience at Amazon Web Services and Nokia, aims to infuse a more engineering-oriented approach into the core of Goldman Sachs. He encourages developers to collaborate closely with customers to understand their needs and deliver custom solutions driven by a fusion of data science, traditional development, and business expertise. According to Argenti, AI serves as a translator between coders and computers, amplifying engineering productivity.
Looking ahead, Argenti envisions a future where large-language models could summarize relevant news for bankers, including potential impacts on clients and key talking points for conversations with them. While this may seem far-fetched, he believes it is not too distant a reality and emphasizes the importance of ensuring safety, accuracy, and credibility in the information shared.
As companies across various industries, including finance, seek to incorporate generative AI into their operations, it is evident that technology has evolved from being a mere back-office function to a key driver of competitive advantage and strategic agendas. For Goldman Sachs, embracing the AI revolution is fundamental to staying ahead in the ever-changing landscape of finance.
1. What is AI?
AI, or artificial intelligence, is a branch of computer science that focuses on the development of intelligent machines capable of performing tasks that typically require human intelligence. These tasks include speech recognition, problem-solving, learning, and decision-making.
2. How is Goldman Sachs using AI?
Goldman Sachs is utilizing AI to boost engineering productivity by acting as a translator between coders and computers. The company is also exploring the possibility of employing large-language models to summarize relevant news for bankers, providing insights on client impacts and facilitating meaningful conversations.
3. How does AI impact industries outside of technology?
AI is increasingly being embraced outside of the technology sector. Companies in various industries are leveraging AI to improve efficiency, enhance customer experiences, and gain a competitive edge. From fast-food chains to cosmetics companies, the applications of AI are diverse and transformative.
4. What role does technology play in today’s industries?
Technology has transitioned from being a support function to a key driver of competitive advantage and strategic agendas in many industries. It is no longer confined to the back office or IT organization but instead shapes the direction and success of businesses in multiple sectors.