BlackRock to roll out AI tools to clients from January

The news: The world’s largest asset manager will roll out generative artificial intelligence tools to its clients from January, the Financial Times reported.

The context: A memo to BlackRock staff explained that from January, clients can use the firm’s large language model technology to help them extract information from its risk management system, Aladdin. Large banks such as Morgan Stanley and Wells Fargo are increasingly looking to AI to improve client experience and employee management with chatbots or software vulnerability testing.

What they said: According to the memo from BlackRock's chief operating officer, Rob Goldstein, chief innovation officer, Kfir Godrich, and head of Aladdin Engineering, Lance Braunstein: “GenAI will change how people interact with technology. It will improve our productivity and enhance the great work we are already doing. GenAI will also likely change our clients’ expectations around the frequency, timeliness, and simplicity of our interactions.”