What’s Behind JPMorgan Chase’s Big Bet on Artificial Intelligence?

“When America’s biggest bank, JPMorgan Chase, hired Apoorv Saxena in August 2018 as its global head of AI and machine-learning services based in San Mateo, Calif., finance industry watchers saw that as a sign that the bank was making a big bet on artificial intelligence to shape its future strategies. Saxena previously headed product management for cloud-based artificial intelligence solutions at Google. At JPMorgan Chase, he also oversees asset and wealth management artificial intelligence technology.

 According to Saxena, AI will help financial services companies expand banking penetration worldwide, launch new products and deepen customer engagements. AI has helped technology companies and others outside of traditional banking enter financial services, such as with mobile banking and digital money offerings. However, only firms that can earn customer trust, meet regulatory compliance requirements and enhance customer service will make the cut, he notes. Meanwhile, regulations will have to come up to speed with the impact of AI’s advances and help make way for the industry to grow. The U.S. could learn some useful lessons from other countries like China, as it seeks to promote innovation as well as growth at scale, he adds.”


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