JPMorgan Chase is currently actively cooperating with US regulators in the preparation of its first projects in the sphere of artificial intelligence.
This financial institution, which is one of the largest organizations in the structure of the American banking sector, is currently striving to ensure that there is proper control over AI. This aspect of activity is especially important for the lender in the context of its intention to bypass competitors in launching apps based on artificial intelligence. The corresponding statement was made this week by Lori Beer, JPMorgan’s director of information technology, during a conversation with media representatives.
Lori Beer clarified that the financial institution is currently working to help American regulators form a full understanding of the process of creating generative artificial intelligence models by the bank. Also in this case, according to her, special attention is paid to the mechanisms that the lender applies to control digital thinking systems. Another important aspect in the framework of cooperation between a financial institution and regulators is the discussion of new risk vectors associated with the use of machine intelligence.
JPMorgan’s Director of Information Technology noted that issues related to the process of applying artificial intelligence should be the focus of attention not only of the bank but also of the relevant departments within the structure of the authorities. She also stated that earlier involvement in solving relevant tasks is crucial. Separately, Lori Beer said that JPMorgan shares the knowledge that it receives as it moves into the sphere of artificial intelligence.
Recently, against the background of a large-scale hype around AI and the gradual expansion of the space for the use of advanced technology, many representatives of the banking sector have begun to hire experts on relevant activities. Lenders are also testing apps based on generative artificial intelligence. A kind of starting point for the corresponding efforts was last year’s presentation of the chatbot ChatGPT with integrated machine intelligence technology, which demonstrated impressive content creation capabilities. This digital product is the brainchild of OpenAI.
JPMorgan, as part of its promotion in the artificial intelligence industry, demonstrates a higher level of intensity compared to other banks. During a conversation with media representatives, Lori Beer said that the financial institution of which she is an employee is currently testing AI-based apps that can generate revenue summaries for companies. In this case, it means firms that JPMorgan monitors. Also, the bank is currently working on creating an innovative support service that will be able to offer customers specific ways to solve their problems and will not provide links to various information materials of extensive content.
JPMorgan CEO Jamie Dimon described artificial intelligence as an extraordinary and groundbreaking technology in his annual letter to shareholders. He also noted that machine intelligence can be integrated into each operations process of a bank. Jamie Dimon also predicts that as a result of the large-scale use of artificial intelligence, the working week will be reduced to three and a half days. Moreover, he is confident that cutting-edge technology has the potential to ensure progress in the sphere of healthcare. Mr. Dimon admits the possibility that artificial intelligence will increase life expectancy and reduce the risk of diseases, including cancer.
Another giant of the American banking sector, Citigroup, reported that its employees presented 350 possible apps for generative AI. For example, the risk management and compliance team of this financial institution used advanced technology to analyze and assess the consequences of the new capital rules issued by federal regulators.
Experts say that modern chatbots based on artificial intelligence, applied by banks, in terms of functionality have gone beyond the limits of elementary greetings and information gathering. These digital products are gradually becoming full-fledged financial advisors.
The Consumer Financial Protection Bureau (CFPB) believes that in the future, the mentioned chatbots will help users make the right decisions regarding their economic activity.