OpenAI launched a multiyear agreement with BNY, the oldest bank in the United States.

The partnership gives BNY — formerly Bank of New York Mellon — access to OpenAI artificial intelligence tools like the company’s Deep Research in hopes of boosting the bank’s in-house AI platform, Eliza, The Wall Street Journal reported Wednesday (Feb. 26).

For its part, OpenAI hopes to glean insights into how its models do when carrying out complex tasks in real-world situations, according to the report.

“We feel AI has transformational power and will be part of every product and service,” said Sarthak Pattanaik, head of BNY’s AI hub, per the report.

Banks have emerged as early adopters of AI and are among the most prolific filers of AI patents and top recruiters of AI talent, the report said.

The banking sector is seizing on the chance to simplify complex workflows, OpenAI Chief Operating Officer Brad Lightcap said in the report. His company already has similar arrangements with financial companies such as Morgan Stanley and Klarna.

“We’ve felt a lot of pull and a lot of demand there,” Lightcap said, per the report. “I don’t suspect that’s going to let up.”

The BNY partnership is also a chance to work with a company well into its AI efforts, as the bank debuted Eliza last year, according to the report.

A report last year by PwC argued that generative AI was poised to transform the banking industry, offering opportunities for efficiency, security and customer satisfaction. The technology could streamline processes, enhance cybersecurity and provide personalized banking services while also impacting loan processing, fraud detection and risk management.

Meanwhile, the PYMNTS Intelligence report “Is AI the Master Key to Banking’s Next Era?” found that nearly three-quarters of all finance leaders said they’re using AI in their operations, with its applications ranging from fraud detection (64%) to customer onboarding automation (42%). Nearly all banking boards have backed generative AI initiatives.

“Leaders view AI as a tool for efficiency and a way to create hyper-personalized customer experiences, a critical factor as 50% of retail banking consumers are not satisfied with their current banking options,” PYMNTS wrote in September. “This growing reliance on AI signifies a pivotal moment where banks must evolve or risk being overshadowed by nimble Big Tech competitors.”

BNY Teams With OpenAI to Bring ‘Transformational’ AI to Banking