JPMorgan Chase has identified three uses for generative AI to boost efficiency.
“AI, and particularly large language models, will be transformational,” Chief Operating Officer Daniel Pinto said during the bank’s Investor Day on May 20, noting that the bank has been investing in AI for “a number of years.”
The $3.7 trillion bank said it is exploring deploying gen AI in:
- Software engineering.
- Front office.
- Customer support.
“We’re also exploring the potential that generative AI can unlock across a range of domains, most notably in software engineering, customer service and operations, as well as in general employee productivity,” Chief Executive Jamie Dimon said in his annual letter to shareholders on April 8.
According to the May 16 “Evident AI Dispatch” report from AI company Evident, JPMorgan topped 50 global banks in overall AI readiness and was ranked second in AI talent behind Capital One.
“The bank’s success [in AI] isn’t just due to its size but rather its early adoption and ongoing prioritization of AI,” Evident CEO Alexandra Mousavizadeh told Bank Automation News.
JPMorgan joins the following institutions in gen AI deployment:
- Citizens Bank is using the technology to help call center employees become more efficient. The bank ranked 49 in AI readiness on the Evident report.
- Ally Financial rolled out gen AI for its coding team, chatbots for its customer service team and for marketing. The bank was not raked on the Evident report.
- Deutsche Bank is deploying gen AI for coding and improving customer experience. The bank ranked 29 in AI readiness on the Evident report.
“In the future, we envision gen AI helping us reimagine entire business workflows,” Dimon said.
