Artificial intelligence continues to grow in importance to JPMorgan Chase.
As such, the technology could have its own reporting line beyond the banking giant’s larger technology team, CEO Jamie Dimon said on Tuesday (March 12). (Japanese) suggested.
Mr Dimon’s comments, via video feed, at the Australian Financial Review Business Summit in Sydney, were reported by Bloomberg News, saying: “Before we make other big investments, we need to understand what we do with AI. What is important is what happens.” “You have to understand that. Make it part of the executive conversation.”
He added that AI is playing a big role in equity hedging in areas such as trading, where $2 trillion of securities are traded every day.
“The human eye and the human finger couldn’t do it fast enough,” Dimon said.
As the report notes, this is not the first time the head of America’s largest bank has praised AI. Last fall, Dimon predicted that the technology would one day enable a three-and-a-half day work week and extend lifespans in medicine.
“JPMorgan views AI as essential to its future success and is leveraging it to develop new products, enhance customer engagement, improve productivity and more effectively manage risk,” PYMNTS said. I wrote it at the time. “The company is recruiting for thousands of AI-related roles and already has over 300 AI use cases in operation.”
As mentioned here last month, PYMNTS Intelligence’s Generative AI Tracker® study shows the adoption of GenAI in the financial sector, particularly in meeting the growing demand for personalized customer service .
According to the survey, more than 80% of financial professionals say their institutions are open to implementing GenAI, and three-quarters of financial institutions (FIs) say they are willing to adopt GenAI when compared to predictive AI. He says he expects the above benefits.
Additionally, 60% of UK financial institutions said they were prepared to incorporate GenAI into their existing risk management strategies.
“However, despite GenAI’s potential benefits, most consumers remain skeptical about the risks associated with this technology,” PYMNTS writes. “As highlighted in the report, nearly 80% of consumers expressed concern about the technology’s potential to spread misinformation, particularly inaccurate content, promoted by GenAI.”
Additional research from PYMNTS Intelligence found that banking and financial institution customers are somewhat wary of the idea of GenAI in financial services, with over 70% expressing concerns about using GenAI in the banking sector. Ta.
