The largest bank in the United States, JPMorgan Chase, has stated that artificial intelligence (AI) tools have begun to generate revenue for the bank, and future advancements in the AI field may bring more benefits.
"In addition to improving efficiency and potential cost avoidance, we have also seen revenue generating activities, which is truly encouraging," said Teresa Heitsenrether, Chief Data and Analytics Officer of the bank, on Wednesday
JPMorgan Chase set a goal of creating $1 billion in "business value" for artificial intelligence in 2023 last year, and raised this goal to $1.5 billion on Investor Day in May. According to Heitsenrether, these revenues come from personalized recommendations to credit card business customers and providing insights to customer coverage teams.
In recent months, the world's largest banks have been experimenting more with artificial intelligence as they promise it will help improve employee productivity and reduce costs. JPMorgan Chase has thousands of vacant positions related to artificial intelligence, and CEO Jamie Damon said that this technology can ultimately enable employers to shorten their weekly working hours to 3.5 days.
A year ago, the release of ChatGPT prompted banks to recruit positions related to artificial intelligence and begin testing the use of generative artificial intelligence. Generative artificial intelligence can summarize documents, write emails, and provide users with clever responses.
In his annual letter to shareholders, Damon called artificial intelligence "extraordinary and groundbreaking" and stated that it can be integrated into "every process" of company operations.
Heitsenrether stated that the bank sees "enormous potential" in using generative artificial intelligence to provide services to customers in a secure manner. She said, "We currently have hundreds of use cases in progress, some of which are close to implementation."
However, Heitsenrether also acknowledges that there are some risks associated with emerging technologies.
She said, "This could also lead to a serious talent mismatch. Technological innovation is normal, and the industry will undergo adjustments."
Finally, Heitsenrether also stated that JPMorgan Chase is using artificial intelligence to enhance human work, rather than seeing it as a way to replace humans. She said that banks can continue to grow using artificial intelligence without the need for additional manpower to support this growth. JPMorgan Chase is still focused on attracting talent from around the world.