Global investment powerhouse BlackRock has revealed plans to introduce generative AI tools by January as part of its commitment to harnessing emerging technologies.
According to a leaked internal memo, BlackRock has already begun integrating generative AI into its proprietary risk management platforms, Aladdin and eFront. The firm is set to extend these capabilities to clients, enabling them to utilize a large language model (LLM) to access and extract insights from Aladdin.
In a memo dated December 6, Chief Operating Officer Rob Goldstein, Chief Innovation Officer Kfir Godrich, and Aladdin’s Head of Engineering Lance Braunstein remarked, “Over the past year, we have witnessed a significant surge in generative AI, which we believe will fundamentally alter business operations. Similar to the revolutionary impacts of the personal computer, internet, and mobile phone, the potential of generative AI to enhance both our work and personal lives is vast.”
BlackRock’s announcement aligns with a growing trend in the financial sector, where several firms are actively exploring generative AI applications. Earlier this month, Mastercard unveiled a generative AI retail assistant, Commerzbank announced the development of a generative AI-driven virtual assistant, and a survey conducted by UK Finance found that most UK banks are already in the pilot phase of generative AI initiatives.