“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.” https://www.benzinga.com/amp/content/37610586
Tag: Financial Services
FinTech Insights GPT
I’ve been actively involved with artificial intelligence since I started this blog in 2018, but the 16 months have been the most exciting. American Banker just posted a really interesting article about a new tool for digital banking strategists called – Fintech Insights GPT. The number one question I have, and this applies to any…
Banks face the twin-edged sword of generative AI
“Security is a paramount concern of customers, according to a survey of 1,000 consumers in September for BAI Outlook Banking Outlook: 2024 Trends. When asked to list the top ways banks and credit unions can help them manage their money more effectively, consumers cited ‘provide better fraud and identity theft protection’ as their number-one priority. The…
Citi exec: Generative AI is transformative in banking, but risky for customer support
“When I joined Citi four and a half years ago, data science or analytics before I even talk about AI, was often an afterthought. We used to think: ‘We’ll use analysis to prove a point that the business already had in mind,’” she said during a conversation that I moderated. “The advent of gen AI…
JPMorgan has AI-driven management software that has slashed manual work by nearly 90%
“The bank revealed in November that AI has already started generating revenue for the bank. Though it didn’t divulge a dollar figure, JPMorgan had already set a target of $1 billion in “business value” produced entirely by AI in 2023. The firm even increased that goal to $1.5 billion at its investor day in May,…