JPMorgan uses cash flow management software powered by artificial intelligence that has reportedly reduced manual work by almost 90% for some corporate clients.
The AI tool, called Cash Flow Intelligence, was launched last year to help corporate finance departments analyze and predict cash flow, according to Bloomberg.
Tony Wimmer, head of data and analytics for JPMorgan’s wholesale payments division, told Bloomberg that the company is seeing “tremendous” interest from JPMorgan clients.
The Wall Street giant has about 2,500 customers using the AI-assisted tool, and its success so far has brought JPMorgan closer to charging for the service, Bloomberg reported.
It wasn’t immediately clear when JPMorgan’s Cash Flow Intelligence would become available for a monthly fee or how much banks would charge for the service.
In the meantime, Wimmer told Bloomberg that the company “will continue to invest in this solution because we see that we’re really starting to disrupt this workflow.”
According to JPMorgan, more than 150 data scientists and engineers are working on improving machine learning solutions. CFO MagazineHowever, it is unclear how many staff members are developing cash flow intelligence.
A representative for JPMorgan declined the Post’s request for comment.
The bank revealed in November that AI is already starting to generate revenue for the bank. Although it did not disclose the amount, JPMorgan had already set a goal of $1 billion in “business value” created entirely by AI in 2023.
The company raised its target to $1.5 billion at an investor day in May, according to Bloomberg.
At the time, the bank’s chief data and analytics officer, Teresa Heitzenserer, asserted that AI-driven productivity gains would not mean JPMorgan’s job cuts.
He warned at the inaugural Evident AI Symposium event in New York City that the technology still carries risks.
“It’s about staying safe, making sure we’re well-managed, and focusing on making the impact we want to have,” she said. There is also the possibility of a significant outflow of human resources. According to Bloomberg, Heitzenserer said innovation is normal and the industry will adjust.
JPMorgan Chief Executive Jamie Dimon is bullish on the future of AI to boost productivity while cutting costs, boss of US’s largest bank says rapid ramp-up of AI will lead to 3.5-day work week He went so far as to say that there is a possibility that this could pave the way for
Cutting work hours could help people live to 100 and make cancer a thing of the past, Dimon said in an interview. bloomberg tv During October.
The 67-year-old, whose net worth is estimated by Bloomberg at $2.4 billion, said AI is “critical to our future success.”
Still, the masterminds behind AI, including Elon Musk and OpenAI chief Sam Altman, have expressed concern that the technology’s advances could have dire consequences for humanity.
Last year, Mack supported a six-month moratorium on AI research and separately warned that there was a “non-zero chance” that AI would turn humanity into a “Terminator.”
Altman, a self-proclaimed doomsday preparer who once boasted of having a stash of guns, money and other survival goods, said AI poses a “risk of extinction” to humanity on par with nuclear weapons or pandemics. I warned you that it would happen.
