The global head of client insight and innovation at BNY Mellon has said that AI is more of an "evolution than a revolution".

On Thursday, Fabian Khoshbakht told delegates at Money 2020 Europe that AI has been around for a long time.

The comments come as the tech industry experiences a wave of generative AI developments following the launch of OpenAI's ChatGPT last November.

Earlier this week, the chief commercial officer, personal & business banking at ABN Amro said that the Dutch bank is scaling up ChatGPT in its call centres.

On Wednesday, Annerie Vreugdenhil – who is also a member of the executive board at the bank – said that the organisation had been trialling ChatGPT across 20 contact centre agents, revealing that the bank is currently expanding the technology to 200 employees as part of the pilot.

“We’ve been using AI in every shape, form and capacity,” said Khoshbakht, adding that regulators need to play a role as the technology develops.

However, he said that instead of regulators telling the industry how to operate the technology, the financial industry should be “influencing what the regulators think of AI”.

Khoshbakht revealed that BNY Mellon is focussing on how the New York headquartered bank and its customers consume data and how to bring that information to the client.

“Whether you’re a consumer or a corporate, you’re very protective of that data,” he said, explaining that the bank is trying to work out how to create the right environment to use the information it collects.

Looking ahead, he said that the bank will be focussed on organisational change, in particular looking at how to change the way it sells its financial products and services to its clients.

“Instead of a boxed view, we’re taking more of a software as a service approach,” he explained.

Money 2020 Europe is taking place at the RAI in Amsterdam 6-8 June 2023.

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