JPMorgan CEO Espouses Importance of AI
(11 April 2023 – United States) JPMorgan CEO Jamie Dimon has revealed the group has launched over 300 artificial intelligence (AI) use case projects, describing the technology as "extraordinary and ground breaking".
In his annual letter to shareholders, Dimon said the process of introducing advanced technologies cannot be overestimated. He also described AI as an extraordinary and innovative technology.
More than 1,000 JPMorgan specialists are involved in data management activities. This team of employees specialises in AI and machine learning (ML). There is also a separate group of specialists who study the most problematic aspects of innovation in finance and new technological frontiers.
In East & Partners inaugural Digital Currencies report in partnership with PCM the research revealed the window of opportunity for banks to take action on digital currencies and technologies is relatively tight, with the first widespread implementations of CBDCs expected in the next 3-5 years and stablecoin implementations already underway in the US and elsewhere.
Dimon revealed that the bank has allocated over US$2 billion building cloud-based data centres and is working to modernise a significant portion of its applications to run in both public and private cloud environments.
To date, about 38 percent of JPMorgan applications have been migrated to the cloud. This means that more than half of the bank’s software portfolio is compliant in modern environments.
Dimon also surveyed the competitive landscape, highlighting Walmart and Apple as non-banks muscling in on JPMorgan’s territory.
"Large tech companies, already 100 percent digital, have hundreds of millions of customers, as well as enormous resources, in data and proprietary systems, all of which give them an extraordinary competitive advantage," said Dimon in his shareholder letter.
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