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Dimon says AI could have similar impact as the printing press, electricity and internet

JPMorgan Chase CEO Jamie Dimon released his annual letter to shareholders on Monday, in which he said: Artificial intelligence (AI) About the operations of America’s largest financial institutions and the economy as a whole.

Dimon, billionaire He, who has led JPMorgan Chase since 2006, listed AI as the first item in his letter to shareholders that mentioned specific issues facing the company. He said that although the full potential of AI has not yet been realized, AI will have a transformative impact on many businesses and societies.

“While we don’t know the full effectiveness or exact speed with which AI will change our business, or what impact it will have on society as a whole, the results will be similar to some of the world’s major technological inventions. “We have full confidence that it has the potential to be extraordinary and transformative over the past few hundred years: think of the printing press, the steam engine, electricity, computing, the Internet, among others,” Dimon said. wrote.

Dimon said that since JPMorgan Chase began using AI 10 years ago and first mentioned it in a letter to shareholders in 2017, the company has “significantly grown its AI organization” and is “currently… “We have introduced more than 2,000 AI/machine learning systems.” ML) experts and data scientists. ”

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JPMorgan Chase CEO Jamie Dimon said AI has the potential to transform humanity in the same way the printing press, electricity and the internet did. (Chris Ratcliffe/via Bloomberg/Getty Images)

“We have been actively using predictive AI and ML for years. We currently have over 400 use cases in production in areas such as marketing, fraud, and risk that are driving our business. and increasingly drive real business value across functions,” he explained.

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J.P.M. JPMorgan Chase & Co. 197.45 +1.80 +0.92%

“We are also exploring that possibility. Generation AI “(GenAI) can be unlocked across a variety of areas, including software engineering, customer service and operations, and general employee productivity. In the future, we expect GenAI to help reimagine entire business workflows. I imagine it,” Dimon explained. We will continue to experiment with these AI and ML capabilities and implement solutions in a safe and responsible manner. ”

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JPMorgan Chase placard

JPMorgan Chase has been using AI and machine learning for a decade, Dimon wrote. (Michael M. Santiago/Getty Images/Getty Images)

Mr. Dimon went on to discuss the financial impact of AI investments and the use of AI by JPMorgan Chase employees and the company. creating or eliminating jobs;.

“While we are investing more money into AI capabilities, many of these projects are paying for themselves,” he wrote. “Over time, we expect the use of AI to enhance virtually all jobs and potentially impact the composition of the workforce. However, other jobs and roles may also be created.As always, we will need to reskill and retrain our workforce to ensure they are taken care of when they are affected by this trend. We will be proactive in making arrangements.”

What is artificial intelligence (AI)?

JP Morgan CEO Jamie Dimon

Dimon said JPMorgan Chase uses AI to analyze data and prevent fraud and other security risks. (Ting Sheng/Bloomberg via Getty Images/Getty Images)

JP Morgan Chase position largest bank in the usa With its large global footprint, the company has access to vast amounts of data that it can leverage to provide better financial insight and risk management, Dimon said.

“As a global leader across companies and geographies, we have vast amounts of extremely rich data that, when combined with AI, can generate greater insights to help manage risk and improve customer service,” he said. I can do that,” he explained.

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Dimon said the company is “working to proactively address AI-related risks in particular.” Regulatory status AI is part of JPMorgan Chase’s toolset to thwart “bad actors who use AI to infiltrate corporate systems, steal money, intellectual property, or simply cause disruption and damage.” It is said that it is a department.

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