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JPMorgan CEO Predicts Shorter Workweek Thanks to AI

JPMorgan CEO Jamie Dimon said that thousands of employees of this financial institution are already using artificial intelligence technologies.

JPMorgan CEO Predicts Shorter Workweek Thanks to AI

The head of the bank noted that machine intelligence is likely to improve the quality of life of employees. He also admitted the possibility that against the background of the active integration of artificial intelligence technologies into the structure of the financial institution’s activities, some jobs will be eliminated.

Last Monday, October 2, Jamie Dimon, during a conversation with media representatives, said that thanks to advanced technological solutions, representatives of the next generation will live to 100 years and will not face such a threat to life as oncological diseases. Also, the head of one of the largest financial institutions in the United States banking system suggested that as a result of the active use of artificial intelligence in the future, people will probably work three and a half days a week.

Jamie Dimon has stated that machine intelligence is critical to the future success of the financial institution he heads. According to him, the advanced technology can be used by the bank to develop new products, stimulate the process of interaction with customers, increase productivity, and improve the quality of risk management.

Data from the consulting company Evident indicate that in the period from February to April of this year, the mentioned financial institution announced more than 3,500 positions related to artificial intelligence. Also this year, Jamie Dimon devoted an entire section to AI in his letter to investors. He reported on more than 300 options for using machine intelligence within the bank’s activities, which are already in production, and described the application of advanced technology as an absolute necessity.

At the same time, the head of a financial institution recognizes the risks associated with the integration of AI into the space of human life. He noted that technology has done incredible things for humanity, but there are also negative aspects of this form of development, mentioning an example of a plane crash and the abuse of pharmaceuticals. In his opinion, the biggest disadvantage is that bad people use artificial intelligence to commit bad deeds.

In the context of reasoning about the likelihood that AI could cause job cuts, the head of the financial institution noted that new technologies have always had similar consequences.

This year, JPMorgan applied for a patent for a new artificial intelligence system that determines dissatisfaction data in real-time as part of the process of interaction between bank employees and customers. In this case, the use of machine learning capabilities is envisaged. This consumer-oriented digital product will allow a financial institution to increase the level of operational efficiency and optimize back-office processes.

Also this year, JPMorgan said that machine intelligence has already helped personalize the experience for retail customers. The bank noted that AI has made it possible to increase the level of individualization of products.

Global Director of Information Technology Lori Beer during the JPMorgan Investor Day event in May this year said that the financial institution is ahead of its plan to fulfill obligations to increase the value of the business by $1 billion with the help of artificial intelligence.

As we have reported earlier, JPMorgan Expects Cybersecurity Industry to Benefit from Generative AI.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.