JPMorgan Chase & Co JPM CEO Jamie Dimon has been a vocal advocate for artificial intelligence and has now disclosed how he uses the technology and the professional applications his bank adopted.
What Happened: Speaking at Tuesday’s Australian Financial Review Business Summit, Dimon revealed that he uses AI to summarize books he doesn’t have time to read, reported Reuters.
He also shared that JPMorgan has 2,000 employees working on 400 use cases for AI, with the technology already being used by thousands of employees at the bank.
The JP Morgan CEO has previously also stated similar statements. He once stated that AI is “critical to our company's future success” and can be used to develop new products, drive customer engagement, improve productivity, and enhance risk management.
In an interview on Bloomberg TV in October 2023, he said AI will significantly improve the quality of life for workers, even if it leads to job eliminations.
See Also: US Economy ‘Kind Of Booming,’ Says JPMorgan CEO Jamie Dimon But Recession Still A Possibility
“Your children are going to live to 100 and not have cancer because of technology,” Dimon said at the time, adding, “They'll probably be working three-and-a-half days a week.”
Dimon has acknowledged the risks associated with AI, particularly its misuse by bad actors.
“Technology has done unbelievable things for mankind but, you know, planes crash, pharmaceuticals get misused — there are negatives," he said in October. "This one, the biggest negative in my view is AI being used by bad people to do bad things.”
Why It Matters: Dimon’s personal use of AI aligns with his public stance on the technology. In an interview in February, he dismissed the notion that the AI boom is mere “hype,” asserting that it is a real and transformative force. “This is not hype. This is real. So, you know, when we had the internet bubble the first time around … that was hype. This is not hype, it's real.”
Under Dimon’s leadership, JPMorgan has been actively leveraging AI to enhance its operations. The bank uses AI to optimize payment efficiency and reduce fraud, among other applications.
“J.P. Morgan has been using the underlying AI-powered large language models for payment validation screening for more than two years. It also speeds up processing in other ways by reducing false positives and enabling better queue management. The result has been lower levels of fraud and a better customer experience, with account validation rejection rates cut by 15-20 per cent,” the company said in November 2023 blog post.
The blog post read, “J.P. Morgan is also using AI to automatically show insights to clients, such as cashflow analysis, when they need them.”
Benzinga file Photo by Dustin Blitchok
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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