JPMorgan Chase CEO Jamie Dimon said that currently, the specialists of this financial institution are developing more than 300 options for using artificial intelligence.
Source: motionarray.com
In his annual letter to shareholders, the head of the bank said that the process of introducing advanced technologies cannot be overestimated. He also described artificial intelligence as an extraordinary and innovative technology.
The banking giant is already using AI in its activities. Artificial intelligence is used for risk management, analysis of the situation in the financial market and in the banking sector, marketing, customer service, and countering fraudulent activity. AI also helps a financial institution process transactions and move money.
Currently, more than 1,000 JPMorgan Chase specialists are involved in data management activities. This team of employees specializes in artificial intelligence and machine learning. There is also a separate group of specialists who study the most problematic aspects of innovation in finance and new technological frontiers in this industry.
Jamie Dimon says that a financial institution follows the concept of responsible use of artificial intelligence. He also said that the banking giant has created an interdisciplinary team of ethics specialists, whose activities are aimed at preventing the abuse of AI capabilities and regulating relationships with customers, customers, and communities in the context of the introduction of advanced technological solutions.
The head of the bank notes that the use of artificial intelligence and data is a complex process, the implementation of which must be fully consistent with the norms of current legislation. He stressed that compliance with the regulatory framework belongs to the category of necessary decisions that are important to protect the entire financial system and its individual participants, in particular. Jamie Dimon said he was confident that attackers would try to use AI to achieve their goals.
The head of the bank said that more than $ 2 billion was spent on the creation of cloud data centers. Also, at present, the specialists of financial institutions are working on upgrading a significant part of the applications for their subsequent functioning in both public and cloud spaces.
As of today, about 38% of JPMorgan Chase applications have been migrated to the cloud. This means that more than 50% of the bank’s software portfolio works in modern environments.
In a letter to shareholders, Jamie Dimon notes that traveling to the cloud is a hard but necessary job. He stated that unlocking the full potential of the cloud and almost 550 petabytes of data will require the reformulation and refactoring of approximately 4,000 applications.
Dimon Dimon in his letter draws attention to the fact that large technology companies have already implemented the digitalization process by 100%, have hundreds of millions of customers, and manage huge resources in the form of data and proprietary systems. He called Walmart and Apple the leaders of digital business reformatting.
The head of the bank has long been talking about the need for innovative transformation of the financial sector in terms of its technological content. Last year, he was negatively criticized by shareholders for not sharing plans for the huge costs of technological modernization.
As we have reported earlier, JPMorgan’s Jamie Dimon Warns Banking Crisis to Be Felt for Years to Come.
