(10 January 2023 – France) BNP Paribas is studying how large language models and generative artificial intelligence – AI – can gather data from non-structured sources while Nasdaq is applying AI to financial crime and bad actor protection technology.
BNP Paribas established an AI Lab in 2016 to develop tools for trading and sales. But with the explosion of interest in large language models and generative AI since the launch of ChatGPT last year, it established another team in 2023 to investigate large language model use cases.
The French bank has so far implemented 700 use cases for AI and is testing 26 more for generative AI. The costs and data requirements needed to train AI models make it unlikely that BNP Paribas will build a large language model AI from the ground up.
Nasdaq is enhancing its anti-crime offerings using AI, which can predict and speed up the process of identifying criminal behaviour and exposing bad actors in the industry. The firm is working with banks, other exchanges and brokerage firms that can use the software to eliminate threats. The anti-financial crime business is Nasdaq’s fastest-growing, up roughly 20 percent year-on-year.
“We are exploring use cases that include ingesting data from different sources such as public data. Where a large language model is helpful, rather than some deep core issues like derivatives pricing models, it's much more about getting the data into a set that can be used” said BNP Paribas Head of Digital Global Markets, Andrei Serjantov.
“We are investing in AI technology in a very significant way. We’re working with banks, other exchanges and brokerage firms that can use the software to eliminate threats. This is just the next leg of our growth” stated Nasdaq CEO Adena Friedman.