The Bank of London said its GenAI code assistant uses its unique AI model Credit: Getty Images / kelvinjay

The Bank of London has launched an AI code assistant that uses GenAI to help clients and developers build services, applications, and products on the bank’s Application Programming Interface (API). 

A banking API is a piece of software that allows users to access financial services within non-fintech applications. APIs allow businesses which are not financial institutions to provide financial services within their platforms.

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The bank’s Developer Studio gives businesses the tools to develop comprehensive and flexible API offerings for embedded banking in the UK. 

The Bank of London said its GenAI code assistant uses its unique AI model to accelerate development while maintaining the principles of trust, security and compliance of a fully regulated bank. 

“Our game-changing AI marks a first of many steps in integrating AI into our broader offering as a regulated bank to help businesses benefit from our real-time Banking-as-a-Service and API capabilities,” said Frankie Woodhead, The Bank of London’s CPO.

“We’re already providing the UK’s fastest route to market with one of the most comprehensive API offerings of any bank, alongside a unique approach as a safer bank; anyone can access our API sandbox today without the need to sign non-disclosure agreements or go through paywalls,” he added. 

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The GenAI assistant has been designed to handle questions involving multiple programming languages and address general and technical queries in real time.

GlobalData forecasts that the overall AI market will be worth $909bn by 2030, registering a compound annual growth rate (GAGR) of 35% between 2022 and 2030.

In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027 at a CAGR of 80%.