J.P. Morgan said that artificial intelligence tools have begun to bring revenue to the bank, and future advances in the field of artificial intelligence may bring more benefits.
Zhitong Finance learned that J.P. Morgan Chase (JPM.US) said that artificial intelligence tools have begun to bring revenue to the bank, and future advances in the field of artificial intelligence may bring more benefits. Teresa Heitsenrether, the bank's chief data and analytics officer, said on Wednesday: “In addition to improving efficiency and potential cost avoidance, we are also seeing revenue generating activity, which is really encouraging.”
Last year, J.P. Morgan set a target for artificial intelligence to generate 1 billion US dollars of “commercial value” in 2023, and raised this target to 1.5 billion US dollars on Investor Day in May. According to Heitsenrether, these benefits come from personalized recommendations to credit card business customers and the provision of insights to customer coverage teams.
In recent months, some of the world's largest banks have been experimenting more with artificial intelligence, as they promise it will help them improve employee productivity and cut costs. J.P. Morgan Chase has thousands of open positions related to artificial intelligence. Jamie Dimon, CEO of the company, said the technology could eventually allow employers to reduce the number of working hours to 3.5 days per week. Heitsenrether has been appointed six months since Dimon made artificial intelligence technology a top priority for J.P. Morgan.
The launch of ChatGPT a year ago prompted banks to recruit jobs related to artificial intelligence and begin testing the use of generative artificial intelligence. Generative artificial intelligence can summarize documents, write emails, and provide smart responses to users. In his annual letter to shareholders, Dimon called artificial intelligence “extraordinary and pioneering,” and stated that artificial intelligence can be integrated into “every process” of the company's operations.
Heitsenrether said J.P. Morgan sees “huge potential” in using generative artificial intelligence to serve customers in a secure manner. “We currently have hundreds of use cases underway, and some of them are close to being realized,” she said.
Despite this, Heitsenrether acknowledged the risks associated with emerging technology. “This is to ensure we stay safe, well-controlled, and focused on things that increase our impact,” she said. It also has the potential to cause serious talent misalignment. Heitsenrether said technological innovation is normal and the industry will adjust.
Heitsenrether said J.P. Morgan is using artificial intelligence to enhance human work rather than seeing it as a way to replace humans. She said banks can use artificial intelligence to continue to grow without increasing manpower to support this growth. Despite this, it is focused on attracting talent from around the world. “There's a strong desire here to be competitive and be at the forefront,” she said.