In his annual letter to shareholders released earlier this week, Jamie Dimon, Chairman and CEO of JPMorgan Chase, argued that AI has the potential to be as transformational as the “printing press, the steam engine, electricity, computing and the Internet.”
It has already begun to transform JPMorgan's own practices. "We have been actively using predictive AI and ML for years — and now have over 400 use cases in production in areas such as marketing, fraud and risk — and they are increasingly driving real business value across our businesses and functions," Dimon wrote. The firm is also exploring the value that Generative AI can unlock, which may allow it to "reimagine entire business workflows" in the future.
Demonstrating this strategic prioritization, JPMorgan created the Chief Data & Analytics Officer in 2023 to sit on its Operating Committee. "This will embed data and analytics into our decision making at every level of the company," Dimon explained.
Of course, these new technologies do present risks that must be rigorously managed. JPMorgan's risk and control framework has enabled it to be proactive in this regard. And, going forward, the firm intends to work with its regulators and clients, along with relevant experts, to maintain high ethical standards and appropriate levels of transparency.
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