Artificial intelligence is increasingly important to JPMorgan Chase.
So much so that technology may have its own reporting line, separate from the banking giant’s larger tech team, CEO Jamie Dimon hinted on Tuesday (March 12).
“Before any other big investment, here’s how we’re doing on AI,” said Dimon, whose comments were reported via video feed at the Australian Financial Review Business Summit in Sydney by Bloomberg News. “You have to get it, make it part of the management conversation.”
He added that in areas such as trading, with $2 trillion in securities traded every day, AI plays an important role in equity hedging.
“You couldn’t do it that fast with human eyes and human fingers,” Damon said.
As the report notes, this isn’t the first time the head of America’s largest bank has praised AI. Last fall, Damon predicted that the technology would someday usher in a three-and-a-half-day workweek and enable life-extending advances in health care.
“JPMorgan sees AI as critical to its future success, using it to develop new products, increase customer engagement, improve productivity and more effectively manage risk,” PYMNTS wrote at the time. does.” “The firm has advertised thousands of AI-related roles and more than 300 AI use cases are already in production.”
As noted here last month, research by PYMNTS Intelligence in the “Generative AI Tracker®” shows the momentum of GenAI in the financial sector, especially when it comes to meeting the growing demand for personalized customer services. to do
According to the study, more than 80% of financial professionals said their institutions are ready to embrace GenAI, while three-quarters of financial institutions (FIs) said they prefer GenAI over predictive AI. Expect similar or higher benefits.
And 60% of British FIs said they are ready to incorporate GenAI into their existing risk management strategies.
“Despite the potential benefits of GenAI, however, most consumers are still skeptical about the risks associated with the technology,” PYMNTS wrote. “As highlighted in the report, nearly 80 percent of consumers expressed concerns about misinformation provided by GenAI, particularly the technology’s ability to spread false content.”
Additional PYMNTS Intelligence research found that bank and FI customers are somewhat uneasy about the idea of GenAI in financial services, with more than 70% expressing trepidation about its use in the banking sector.