① Komo said that artificial intelligence (AI) tools have begun to generate revenue for the bank;
② Last year, J.P. Morgan Chase set a goal of artificial intelligence to create 1 billion US dollars of “commercial value” in 2023, and raised this target to 1.5 billion US dollars on Investor Day in May;
③ Despite this, Komo acknowledged that there are some risks associated with emerging technology.
J.P. Morgan Chase, the largest bank in the US, said that artificial intelligence (AI) tools have begun to generate revenue for 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, this revenue comes from personalized recommendations to credit card business customers, as well as providing 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 improve employee productivity and cut costs. There are thousands of AI-related vacancies at J.P. Morgan, and CEO Jamie Dimon said the technology could eventually allow employers to reduce the number of working hours to 3.5 days per week.
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 the bank 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 also acknowledged that there are some risks associated with emerging technology.
She said, “This also has the potential to cause serious talent misalignment. Technological innovation is normal, and the industry will adjust.”
Finally, Heitsenrether also said that J.P. Morgan is using artificial intelligence to enhance human work rather than seeing it as a way to replace humans. Banks can use artificial intelligence to continue to grow without adding additional manpower to support this growth, she said. J.P. Morgan is also focused on attracting talent from around the world.