Modern employees at JPMorgan Chase are trained to utilize their growing potential artificial intelligenceas the bank continues to establish itself as a leader in this space.
“This year, everyone who comes here will receive rapid engineering training that will prepare them for the artificial intelligence of the future,” said Mary Erdoes, director of the bank’s asset and wealth management division, during Monday’s investor day.
CEO Daniel Pinto said at the event that the technology will be “very, very impactful” for the bank’s 60,000 developers and 80,000 operations and call center employees, who make up almost half of the company’s employment. He added that JPMorgan’s AI utilize cases are roughly estimated at between $1 billion and $1.5 billion.
The largest American bank in terms of assets was among the leaders AI adoption in the banking sector, hiring a head of artificial intelligence research in 2018. 1 in both AI Evident Index reports assessing the progress of the world’s 50 largest banks in implementing and developing artificial intelligence.
Currently, JPMorgan has this opportunity the greatest amount of AI talentAccording to Evident, it employs almost six times as many AI employees as the average bank. Evident’s latest report shows that JPMorgan employs 11.5% of all AI talent in the banking industry.
According to Erdoes, JPMorgan bankers have reduced the time spent “hunting and pecking” by using artificial intelligence to gain insight into potential investments and speed up the decision-making process. This helped save some analysts two to four hours of work per day, she added.
She also said that on Friday, the company rolled out a huge language model called ChatCFO that will support the work of JPMorgan’s finance team.
In his letter to shareholders last month, JPMorgan CEO Jamie Dimon compared the “extraordinary and possibly transformative” implications of artificial intelligence to “the printing press, the steam engine, electricity, computers and the Internet,” among others.
JPMorgan has significantly expanded its “artificial intelligence organization” over the past year, Dimon said in his letter last month. It currently employs over 2,000 artificial intelligence and machine learning (ML) experts and data scientists – more than double 900 reported last year — and over 400 production utilize cases across a variety of areas, including marketing, fraud and risk.
