Jamie Dimon, the CEO of JPMorgan Chase, has shared his vision for the future of money in an AI-driven world. He believes that artificial intelligence innovations will have as significant an impact on society as the invention of electricity and the internet.
JPMorgan Chase began using AI over a decade ago and currently employs over 2,000 AI and machine learning experts and data scientists. The firm uses AI technology across a number of divisions, including marketing, fraud, and risk. The bank invests $12 billion annually in a wide variety of technologies, including AI.
Dimon suggests that AI could infiltrate all aspects of banking, but it can’t be a stock picker. He sees promise in the use cases of artificial intelligence, with the bank having found 400 use cases for AI so far. The bank is also exploring using AI in software development and general employee productivity plans.
This vision of AI in banking indicates a transformative shift in the industry, with potential impacts beyond the business world. The integration of AI into banking could lead to extraordinary consequences.
Read more at: www.bloomberg.com