“Jamie Dimon spoke with GeekWire via phone about the future of artificial intelligence in the financial sector; what he has learned from Amazon CEO Jeff Bezos; and what made him change his mind about the cloud.
Jamie Dimon: The cloud and AI are real, huge, powerful and they’re going to change a lot for us.
if you’re a developer, you’re going to see the stuff you do immediately affecting 50 million households. We move $6 trillion a day around the world.
Cheaper, better, faster, integrated. AI will be part of the journey. The easiest parts are obviously risk, fraud, underwriting. AI will be enormous. It will be enormous for idea generation.”
“Earlier this year, both the United Overseas Bank (UOB) and the OCBC Bank in Singapore announced their intent to invest in training sessions in AI for their staff.
In a recent note entitled “Is AI the next revolution in retail banking?”, UBS strategist Philip Finch revealed that the new technology could lead to a 3.4% revenue uplift and cost savings of 3.9% over the next three years. The figure was based on an UBS Evidence Lab survey of 86 banks.
Improving P&L statements with AI
Another business potential of AI comes in credit assessment. UOB is now able to run credit processing and credit decisioning by using a data-enriched AI-powered credit decisioning tool.
According to early tests conducted by the bank, the technology developed by ThetaRay could help OCBC reduce the number of transactions reviewed by anti-money laundering compliance analysts by 35%, while the accuracy rate of identifying suspicious transactions could be increased by more than four times.”