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$9 trillion asset manager BlackRock will launch new generative AI tools for clients and employees. These tools include a chatbot powered by AI to answer customer queries. It will also have AI-powered co-pilots to create drafts to improve employee productivity.
An internal memo by BlackRock confirmed this launch, detailing the strategy used by the asset manager to democratize coding by ensuring everyone with the ability to code can access generative AI.
“Users can speak in their natural language, and AI models will write the code, making English the coding language of the future,” the memo read.
Blackrock Adopts Generative AI for Clients and Staff
In its memo, BlackRock said it plans to use a “walled garden” approach to generative AI. As such, its tools will leverage its data. The asset manager says this data will not be used in other generative AI models outside BlackRock.
BlackRock will roll out the generative AI features to clients using the large language model (LLM) to obtain information from Aladdin. Aladdin is BlackRock’s technology platform, with $1.4 billion in revenue in 2022. The tech platform is used by more than 1,000 external firms for investment purposes, giving BlackRock much valuable data to work with.
The internal memo by BlackRock said that the company had seen much adoption of generative AI over the past year. This technology seeks to transform global operations and ensure investors can access the best experiences.
“In the last year, we’ve seen a mass proliferation of GenAI that we believe will fundamentally change how the world operates. Like the advancement of the personal computer, internet, and mobile phone, the promise and potential of GenAI to transform how we work and live is enormous,” the memo said.
Blackrock is Leaning toward Disruptive Technologies
BlackRock has been adopting generative AI technology to transform its offerings. In June, the asset manager published a report detailing how GenAI can be used to inform investment decisions.
In its report, BlackRock opined that AI platforms such as ChatGPT are increasing attention to AI technologies and developments in natural language technology.
BlackRock is tapping into not only AI technology but also blockchain technology. The asset manager has an active application with the US Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund.
