goldman sachs The company’s chief information officer told CNBC that it’s experimenting internally with generative AI tools to help developers automatically generate and test code.
Marco Argenti joins Goldman as a partner Amazon said Tuesday that in 2019, the company’s software engineers are using the technology to automatically generate lines of code.
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It is currently in the “proof of concept” stage and is not yet ready for production, he added.
Argenti told CNBC’s Arjun Kharpal at the Goldman Sachs technical symposium on Tuesday.
Generative AI refers to a set of products that generate human-like text and images in response to written prompts from users.
The most popular example is ChatGPT, an AI chatbot developed by Sam Altman’s OpenAI. Other competitors include Google’s Bard and Stable Diffusion, an AI-based image generator created by startup Stability AI.
Goldmans’ interest in generative AI products comes despite pushback from some big banks about its internal use of ChatGPT. JP Morgan, Goldman Sachs, Citigroup and Bank of America all restricted staff from using the software.
Argenti declined to identify the generative AI products it has used. He also did not identify the banking sector where the technology is being used.
ChatGPT and products like it could fundamentally shake up the world of financial services. AI can, for example, drive investment decisions and automate many customer service functions.
Argenti likened the development of generative AI to “the beginning of the internet,” but admitted that it’s “very early days.”
“We’re not going to put all the most critical workloads out there right away, but it’s imperative that we really try to understand the potential,” he added.
Goldman has invested heavily in recent years to transform the bank into a more technology-driven company. The company launched Marcus, a consumer-focused standalone digital his bank, in 2016 and expanded to the UK in 2018.
“I’ve been in technology for probably 40 years, and this is one of the biggest turmoils I’ve ever seen,” Argenti said. “It’s probably on par with the internet, apps, and the cloud. It’s an order of magnitude.”
Goldman’s innovation chief stressed that AI should not be seen as a replacement for software developers, but rather as a partner to make them more productive.
In some cases, developers are now able to write 40% of the code automatically using generative AI, he says. They use the software to both test code and generate new code, he added.
“If you actually have a GPT-like technology to test your code, or you’re generating tests for GPT code, you’re creating a dichotomy between testing machines and having machines test your work.
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