Key facts
- Major banks are accelerating the adoption of agentic AI to increase productivity.
- AI agents are being integrated into functions such as wealth management, client vetting, trading, and treasury.
- Morgan Stanley will test client-facing digital assistants this summer.
- BNY assigns login IDs and human managers to its digital employees.
- UBS states AI allows financial advisors to spend 70% of their time with clients.
- Goldman Sachs is collaborating with Anthropic to develop AI agents for trading and accounting.
- Investor scrutiny of AI spending ROI is prompting banks to focus on areas with evident returns.
- Citi is preparing to roll out its AI-enabled virtual wealth management team member.
Major Wall Street banks are significantly increasing their use of digital assistants, also known as agentic AI, in an effort to boost productivity and gain a competitive advantage. These AI systems are designed to perform tasks with minimal human supervision, impacting functions ranging from wealth management and client vetting to trading and treasury operations.
KPMG reports that 51% of banks are currently piloting AI agents, indicating a widespread industry trend. Morgan Stanley is preparing to test digital assistants that can interact with clients at any time, while also using agents to support financial advisors with tasks like analyzing investments and building portfolios. At BNY, digital employees are integrated as team members with their own login IDs and are overseen by human managers for training and quality control, with CEO Robin Vince likening the process to performance reviews.
UBS has implemented agents that send thousands of daily alerts to financial advisors, freeing up approximately 70% of their time for client interaction by automating routine tasks. Goldman Sachs is collaborating with Anthropic to develop AI agents for trading, transaction accounting, and client vetting. JPMorgan is exploring the transformative potential of agentic AI in areas like corporate treasury, and Citi is preparing to launch an AI-enabled virtual wealth management team member.
As banks scale up their AI investments, investors are increasingly focused on the return on investment, prompting financial institutions to prioritize AI applications with evident and scalable returns. However, the growing adoption of agentic AI also raises concerns about accountability and oversight. Banks are implementing guardrails and ensuring human involvement in critical functions, particularly when AI touches customer interactions, to mitigate risks.