JPMorgan Chase is involved in artificial intelligence. The bank’s CEO, Jamie Dimon, is leading the charge. He is described as a “great user” of the technology and is apparently keen to use it on his phone.
“He wanted it on his phone,” said Teresa Heitsenrether, JPMorgan’s chief data and analytics officer. Speaking at the Evident AI Symposium, as reported by Business Insider, she added: “That’s a big achievement for the end of the year.”
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JPMorgan recently launched its ‘LLM Suite’, a generative AI tool, for 200,000 employees. These tools are already making waves. Before any business discussions with Dimon, Heitsenrether runs her presentation through AI to refine the message. “What is the message that comes from this? Make it more concise and clear,” she explained. “It definitely helped with that.”
The AI rollout is just the first step in JPMorgan’s broader AI strategy, which Dimon likened to the steam engine and the printing press earlier this year, saying the “consequences will be extraordinary.” The bank wants to take employees from “five minutes of efficiency to five hours of efficiency,” Heitsenrether said. This means going beyond tasks like summarizing documents and integrating AI into daily workflows.
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The response to AI at JPMorgan has been “enthusiastic,” leading to “healthy competition” between teams. The wealth and asset management division was the first to test a generative AI “copilot” this summer. Naturally, other teams wanted to participate. “When the investment bank found out, they said, ‘Wait a minute, we want to be there too,’” Heitsenrether said. “It does create a flywheel effect.”
To help employees adapt to AI, JPMorgan is offering training and has created “superusers”: the top 10% to 20% of employees eager to adopt the technology. These superusers act as local experts within their teams.
The most common early adopters are people who see the benefits right away, such as lawyers who use AI to summarize contracts in minutes instead of hours.
