JPMorgan Chase Chief Calls AI Impact “Tremendous”

Jamie Dimon says the sky is the limit with artificial intelligence.

It’s not exactly a state secret that investment banks are investing heavily in artificial intelligence.

But the extent of Walls Street’s outlook on AI may surprise you.

A case in point.

In an interview on “Mornings With Maria” on Fox Business this week, JPMorgan Chase CEO Jamie Dimon says the impact of artificial intelligence will be “tremendous”, especially in two sectors – healthcare and finance.

“It is crucial to have (AI),” he told show host Maria Bartiromo. “We already have 300 cases against risk fraud, credit marketing, movement of money trading, and hedging. It’s real.”

AI’s impact on healthcare should even be more substantial, Dimon noted.

“It’s going to change a tremendous amount of stuff in health care alone,” he said. “It may come up with new compounds. It could do a better job diagnosing diseases, preventing diseases.”

Risks Attached

In the interview, Dimon also listed several “potential downsides.”

“God knows what it’s going to do for people,” he noted. “Artificial intelligence may have some downsides. It’s very hard to figure out how you should regulate it, but there might eventually have to be some regulations around it.”

Dimon predicts a robust future for AI, citing the ongoing evolution of technology and how enterprises use those technologies.

“We’re not just competing with (Apple, Google, and Amazon).” He said. “They’re also new technologies you always have to adapt to.”

“If you’re a legacy coach, it doesn’t mean you’re bad,” he added. “It just means we’ve deployed huge amounts of technology in the past, which now is being put into new data centers and new databases.”

“To make it accessible to A.I. or to digital stuff like that, the investments are huge.”

Dimon had previously expressed his upbeat outlook on AI.

“Your children are going to live to 100 and not have cancer because of technology,” Dimon said in a Bloomberg TV interview last October. “They’ll probably be working 3½ days a week.”

Dimon also said the bank’s investments in AI “will add huge value” and that the technology is being used across JPMorgan’s research, trading, and customer service realms.

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