JP Morgan artificial intelligence researcher says AI goal is to ‘eradicate financial crime’ – CyberScoop

  • “Across all industries and organizations, financial crime cost companies and organizations $1.45 trillion in 2019
  • ‘There is this concept of values’ for AI, said Manuela Veloso, who besides her work for J.P. Morgan has worked as a professor in Carnegie Mellon University’s school of computer science. ‘First, we want AI to be able to eradicate financial crime.’”

JP Morgan artificial intelligence researcher says AI goal is to ‘eradicate financial crime’

Databricks exec explains why open banking will disrupt finance the same way open source upended software

  • “Mostly, open banking is about data. Specifically, it systematizes the reality that the most important asset for a financial service institution (FSI) today is no longer capital or scale, but rather data.
  • The decisive factor for adaptation and survival will be the speed at which they can analyze customer information through the use of algorithms and automation.
  • Jamie Dimon, CEO of JPMorgan Chase, recently addressed the topics of cloud and AI in an earnings call by saying ‘10 years from now, [Cloud+AI] will be probably 50 times more than we are doing today. And I would spend anything to get it done faster.’”

Junta Nakai – Databricks


Are consumers ready for conversational digital banking experiences?

  • “Digital banking is evolving at an incredible pace and, while customers will continue to crave the versatility offered by evolving in-branch experiences (Chase’s new Manhattan emporium now offers a ‘digital advice bar’ and after-hours community Chase Chats), the technology is quickly closing off the need for customers to step foot through the door.
  • As conversational AI or chatbot technology continues to advance, customers will see a shift away from mobile banking to conversational user interfaces (CUI). If they prefer, all interactions could be carried out by simply chatting (typing or speaking) to a CUI.”

Are consumers ready for conversational digital banking experiences?

The Changes AI Will Bring

Apoorv Saxena
Global head of AI and machine-learning services at JPMorgan Chase & Co.


“We will see tremendous growth in terms of how AI is used in every part of the economy, and financial services is no different. You’ll see AI making tremendous progress, for example, in the ability to detect fraud, manage and understand risk, and advise customers on their retirement planning.“

How big banks use AI: The case study of JPMorgan

  • “JP Morgan is co-hosting the first ever international peer-reviewed conference dedicated to AI in finance. This looks at the ways in which JPMorgan Chase seek to implement AI and Machine Learning both now and in the future.
  • AI shall enable banks to create new and improved financial products and solutions by virtue of simply having more data to make products/solutions that more people want/need
  • Ai will enable banks to reach a wider proportion of the population. A 2018 World Bank report suggests that around the world, 1.7 billion people are “under-banked”, not due to a lack of desire or need for financial services in those areas but rather a lack of availability and access to specialised products. Those banks which can expand their reach using AI can see big gains.”