A few weeks ago, JPMorgan Chase announced that it had taken another significant step into AI by developing and deploying its own AI-powered chatbot, the LLM Suite.
This tool, designed to assist with tasks like writing, idea generation, problem-solving, and document summarization, was being rolled out to about 50,000 employees in the asset and wealth management division.
JPMorgan has been making a significant investment in AI, and this move highlights JPMorgan’s continued integration of AI into its core operations. The firm appears to be doing much of this work internally rather than partnering with external platforms, as it feels that in-house development of its AI tools ensures stricter control over sensitive financial data.
Other firms, such as Goldman Sachs and Morgan Stanley, have also been leveraging AI to enhance productivity and streamline operations.
This all signals a broader industry trend toward AI adoption, potentially reshaping traditional roles within the financial industry.
JPMorgan chief executive Jamie Dimon told investors in May that AI would " change every job”. “It may eliminate some jobs. Some of it may create additional jobs,” Dimon said. “But you can’t envision one app, one database, or one job where it’s not going to help, aid or abet.”
Yup ... no argument from me ...
It does raise the question, though … for those of us embedding AI into our products, it’s important to support an open and federated approach, i.e. one that enables clients to embed their own AIs where relevant into the application workflows.
#AI #FinTech #Innovation #JPMorgan #ArtificialIntelligence #Productivity