Goldman Sachs Implements ChatGPT-inspired Artificial Intelligence to Aid Developers in Code Writing

A senior executive at Goldman Sachs has revealed that the bank’s developers are currently experimenting with generative AI tools to aid their coding work.

Goldman Sachs’ chief information officer revealed to CNBC that the company is currently testing generative AI tools within its internal operations to assist its developers in automatically generating and testing code.

According to Argenti, who spoke at the Goldman Sachs technology symposium on Tuesday, the assisted coding technology is still in the “proof of concept” stage and is not yet prepared for production. Nonetheless, he mentioned that developers are already utilizing some of the features of the technology.

Generative AI products are software tools that can create human-like text or images when prompted with written input from users. ChatGPT, developed by OpenAI under the leadership of Sam Altman, is one of the most well-known examples of this technology. Other competing products in this space include Google’s Bard and Stable Diffusion, an image generator developed by the startup Stability AI.

In a recent interview, Argenti, a spokesperson for a bank, refused to disclose the specific generative AI products being used by the company. It was also not clear which division of the bank is utilizing this technology.

However, the potential impact of AI in the financial sector cannot be overlooked. With the help of AI, investment decisions could be automated, and customer service functions could be significantly streamlined. Products like ChatGPT could lead to a major disruption in the world of financial services.

Argenti acknowledged that the development of generative AI is still in its early stages, likening it to the nascent days of the internet. He cautioned that it may not be advisable to rely on it for critical workloads immediately, but emphasized the need to explore its potential.

Goldman Sachs has made significant investments towards transforming into a technology-oriented company in recent times. The bank introduced Marcus, a digital bank dedicated to serving consumers, as a separate entity in 2016, which it extended to the United Kingdom in 2018.

Source of Information ; CNBC