BNY Mellon's AI Revolution: Eliza and Microsoft Copilot Transform Banking

In a bold stride toward modernization, the Bank of New York Mellon (BNY Mellon), the United States' oldest bank with a staggering $52 trillion in managed client assets, is making waves in artificial intelligence (AI) adoption. BNY Mellon, which is 240 years old and has roots that predate the modern financial system, is embracing AI with the agility of a Silicon Valley startup. The core of its AI strategy rests on its proprietary AI platform, Eliza, built on large language models like OpenAI's GPT-4 and hosted on the Microsoft Azure cloud environment. Let’s dive into the details of this transformation—because trust me, this isn’t just about software; it’s the story of how banking as we know it is being rewritten, one AI line of code at a time.

A Glimpse Into Eliza: BNY Mellon's AI Powerhouse​

BNY's AI journey began in earnest in 2023 with the launch of its AI Hub, a multidisciplinary effort aiming to tightly integrate AI into every cog of the institution’s massive machinery. The culmination of this initiative is Eliza, the in-house AI platform now accessible to all of BNY's over 50,000 employees, with tens of thousands actively leveraging it. Eliza isn’t just an AI tool—it’s a strategic vehicle for:

• Running the Bank Better (Operational Improvements):
• Eliza is critical in risk management and operational efficiencies. Imagine handling trillions of dollars daily; there’s no room for errors or a flood of false positives. By implementing anomaly detection, Eliza proactively pinpoints irregularities while keeping false alerts under control. Think of it as a hyper-vigilant security guard that's always on the watch—but without crying wolf unless there’s truly something to bark about.
• Transforming Client Engagement:
• Leveraging predictive trade analytics, Eliza enables near real-time trade settlement tracking. Delayed or failed trade settlements can wreak havoc on client relationships, leading to significant financial losses. By giving BNY early insights into potential settlement risks, the platform allows the institution to intervene and avoid unpleasant surprises. If modern banking is a game of chess, then Eliza is BNY's grandmaster, thinking several moves ahead.
• Driving Cultural Change:
• Here’s where things get even more exciting. Every employee at BNY can access the AI platform, but 22,000 have already received formal training on best practices, with about half of them setting out to build applications and agents with Eliza. That’s not just upskilling; that’s turning bankers into part-time software engineers! Additionally, 80% of the bank’s developers now utilize GitHub Copilot—a Microsoft tool that generates smart code snippets—to enhance productivity while democratizing innovation within the bank.

Microsoft Copilots: The Secret Sauce for BNY's Success​

BNY isn’t just building on their own; they’re in partnership with Microsoft, a collaboration critical to unleashing the full potential of tools like GitHub Copilot, Copilot 365, and Azure services. Microsoft Copilots act as sidekicks for BNY’s software developers, enabling automation, simplifying complex workflows, and promoting efficiency at unprecedented levels. Here’s what the infusion of Microsoft tech has led to:

• With GitHub Copilot, developers are achieving more with less effort through code suggestions powered by AI.
• The roll-out of Copilot 365 licenses to tens of thousands is transforming everyday workflows for employees who are not traditionally tech-savvy, proving that AI can be a productivity tool for everyone—from analysts to accountants and beyond.

What Is GitHub Copilot and How Is It Revolutionizing Development?​

GitHub Copilot, powered by OpenAI’s Codex, is a modern AI-powered assistant integrated into coding environments. Developers can simply describe their requirements in plain language, and the AI will suggest code snippets, entire functions, or even solutions to problems. By using GitHub Copilot, BNY Mellon reduces the barrier of entry to coding for employees by turning complex technical tasks into manageable steps.
For example, imagine a junior developer tasked with writing a program to analyze trade settlement times. Traditionally, they might take days or weeks delving through financial data models and querying systems. With Copilot's help, the heavy lifting is done in minutes.

The Three Strategic Pillars of BNY’s AI Transformation​

Leigh-Ann Russell, BNY’s Chief Information Officer and global head of engineering, has outlined three primary goals for BNY’s widespread use of AI:

• Operational Efficiency: It’s simple. For a bank that deals with trillions of dollars, every optimized process drastically reduces both time and risk. AI-driven anomaly detection alone is a game-changer.
• Enhanced Client Service: Predictive tools ensure smoother client interactions and greater satisfaction. Nobody wants a late trade settlement or a missed financial opportunity in this fast-paced financial world.
• Cultural Transformation: The transformation within BNY is as much about people as it is about technology. Thousands of employees upskilled in AI? That's a revolutionary workforce strategy if we’ve ever heard one.

Organizational Change Management: The Missing Piece for AI Success​

As ambitious as their AI projects are, leaders like Russell and others understand the elephant in the room: how do you make employees comfortable with such profound technological shifts? The answer lies in organizational change management, which envelops everything from upskilling programs to addressing the fear that AI may one day replace certain roles.
Through its firm-wide AI adoption strategy, BNY has placed employees squarely at the center of their transformation narrative. Older institutions often face resistance to change, yet BNY’s success indicates that AI’s benefits—streamlined workflows, reduced redundancy, and innovation enablement—are too immense to ignore.
Other financial leaders agree. For example, during a Microsoft AI Tour panel, Nasdaq CTO Angie Ruan emphasized the importance of data management as the foundational pillar for AI initiatives. After all, even the smartest AI flounders with messy or incomplete data. She also underscored the careful balancing act required for governance, ROI evaluation, and cultural readiness as fundamental success factors.

Lessons for WindowsForum Members: Why This Matters to AI and Windows Enthusiasts​

If the world’s oldest U.S. bank can shape up to meet modern challenges with AI, so can your organization—or dare we say, your home system! The steps BNY took can be instructive for both enterprises and individuals:

• Adapt or Get Left Behind: Whether you’re adapting tools like GitHub Copilot for your next dev project or simply reconsidering how AI could save you hours of repetitive work, now’s the time to innovate.
• Master Your Data: Follow in the footsteps of industry giants by cleaning, normalizing, and protecting data. AI tools are only as good as the information you feed them.
• Upskill Relentlessly: If bankers are learning AI development in droves, there’s no reason tech enthusiasts shouldn’t jump on Microsoft’s free Azure Labs, GPT-4 integrations, and other free educational tools.

While banking will undoubtedly be reshaped by AI, one thing is clear—it’s not about replacing human ingenuity but augmenting it. So whether you’re a coder, engineer, manager, or just a curious user, remember you’re driving the change!

---

Source: Cloud Wars https://cloudwars.com/ai/bny-details-use-cases-and-cultural-transformation-driving-ai-agent-copilot-success/