3 ways Wall Street's largest banks are leveraging AI to increase profitability

Published On Sep 7, 2024, 10:03 AM

Wall Street's largest banks, including Goldman Sachs and JPMorgan Chase, are increasingly leveraging AI technologies to enhance profitability. They are forming partnerships with tech firms, hiring AI specialists, and integrating generative AI tools into their operations which could potentially raise banking profits by as much as $170 billion by fiscal 2028. Notably, firms like Morgan Stanley are implementing AI assistants to improve financial advising by automating time-consuming tasks, allowing advisors to focus more on client relationships. Other banks, like Wells Fargo, have introduced AI-powered customer services to streamline banking processes. The drive to integrate AI is still in its early stages, with significant returns on investment anticipated by 2025 or 2026.