Jamie Dimon might be concerned about the economy, but he's optimistic regarding artificial intelligence.
In his annual shareholder letter, JP Morgan Chase's (JPM) CEO stated that he believes the effects of AI on business, society, and the economy would be not just significant, but also life-changing.
Dimon stated, we are fully convinced that the consequences of AI will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years: Think of the printing press, the steam engine, electricity, computing, and the Internet, among others. However, we do not know the full effect or the precise rate at which AI will change our business — or how it will affect society at large.
Since the financial institution has been employing AI for over a decade, more than 2,000 data scientists and experts in AI and machine learning are employed there, according to Dimon. More than 400 use cases involving the technology are in the works, and they include fraud, risk, and marketing.
“We're also exploring the potential that generative AI (GenAI) can unlock across a range of domains, most notably in software engineering, customer service and operations, as well as in general employee productivity,” Dimon added. “In the future, we envision GenAI helping us reimagine entire business workflows.”
JP Morgan is capitalising on its interest in artificial intelligence, advertising for almost 3,600 AI-related jobs last year, nearly twice as many as Citigroup, which had the second largest number of financial service industry ads (2,100). Deutsche Bank and BNP Paribas both advertised for little over 1,000 AI posts.
JP Morgan is developing a ChatGPT-like service to assist consumers in making investing decisions. The company trademarked IndexGPT in May, stating that it would use "cloud computing software using artificial intelligence" for "analysing and selecting securities tailored to customer needs."
Dimon has long advocated for artificial intelligence, stating earlier this year that the technology "can do things that the human mind simply cannot do."
While Dimon is upbeat regarding the bank's future with AI, he also stated in his letter that the company is not disregarding the technology's potential risks.
