The Bank of London has publicly released the GenAI code assistant to assist developers working with the enterprise API. This tool is designed to help customers and developers create services, applications, and products using the bank’s Application Programming Interface (API), thus establishing a new standard for embedded banking in the UK.
The integration of the GenAI Code assistant introduces a new AI model that facilitates rapid development while ensuring compliance with the trust, security, and regulatory requirements of fully regulated financial institutions.
The bank’s Developer Studio follows a human-centered approach and provides end-to-end tools that enable different firms to build robust open API capabilities.
Frankie Woodhead, the Chief Product Officer of the Bank of London, highlights that one of the main advantages of introducing the GenAI assistant is its potential to serve as a test case for incorporating AI into other services offered by the bank.
The enhanced banking API capabilities offer users a new, faster route to market, with one of the most comprehensive API portfolios. Notably, the API sandbox is open to individuals and multinational corporations alike, without the need for Non-Disclosure Agreements (NDAs) or paywalls, ensuring accessibility for all.
The GenAI code assistant is leading the financial sector into the era of AI, which is expected to experience significant growth. According to GlobalData, the overall AI market is projected to reach $909 billion by 2030, with a compound annual growth rate of 35% from 2022 to 2030.
The GenAI industry will contribute the largest revenue, with its output projected to increase from $1.8 billion in 2022 to nearly $33 billion by the end of 2027, demonstrating an impressive compound annual growth rate of 80%.
The scale of AI growth signifies the increasing importance of AI in the business sector, particularly in finance, as AI integration is crucial for creating more secure and efficient platforms.
Initially developed for integration with the Bank of London’s GenAI deals, the GenAI code assistant holds a strong position in the current AI landscape, offering real-time problem-solving and development in multiple programming languages.
The Bank of London’s implementation of GenAI systems marks the beginning of AI’s proper presence in the financial services industry. The platform aims to support developers and enterprises by establishing a formal system that enables the global AI industry to harness the rapid growth and innovative technologies in the global AI market.
News sourced from The Bank of London.
