Chase is using technology and AI to address key pain points for SMBs, such as cash flow, staffing and revenue growth.
The $4.3 trillion bank is also investing in new AI capabilities to:
- Streamline operations and make it easier for SMB owners to get assistance;
- Improve fraud prevention; and
- Support client and community growth.
Chase’s investment in AI specifically was not disclosed, but Chief Executive Jamie Dimon said on April 11 during the bank’s first-quarter earnings call that AI is a key focus of its tech spend, which was up 6% year over year to $2.6 billion.
To stay ahead of evolving AI technologies, Chase also runs an AI research program comprised of a team of experts in various fields exploring AI solutions to benefit SMB clients and the bank, Jameson Troutman, head of product for small business at Chase, told Bank Automation News ahead of National Small Business Week, which runs from May 4 through May 10.
More than 2,000 AI and machine learning and data experts staff the program, according to Chase.
“As these technologies continue to evolve, we expect to see further integration of AI solutions tailored to the unique needs of small businesses, leading to a transformative impact on their operations and continued growth,” Troutman said.
