JPMorgan Chase Chief Is “No Hype . . . All Real”

Jamie Dimon continues to tout AI as his company delivers on its digital promises.

JPMorgan Chase chief executive officer Jamie Dimon hasn’t been shy about beating the drum about artificial intelligence. He has previously described AI as having a “tremendous impact” on sectors like finance and healthcare.

“It is crucial to have AI,” he said in January. “We already have 300 cases against risk fraud, credit marketing, movement of money trading, and hedging. It’s going to change a tremendous amount of stuff in health care alone. It may come up with new compounds. It could do a better job diagnosing diseases, preventing diseases.”

Dimon is at it again in an interview with CNBC’s Leslie Picker this week.

Commenting on recent reports that AI stocks are in a giant bubble expansion right now, Dimon disagreed, saying . . . “When we had the internet bubble the first time around … that was hype,” he said. “This is not hype. It’s real. People are deploying [AI] at different speeds, but it will handle a tremendous amount of stuff.”

He also told CNBC that generative AI will soon “be used in almost every job” and could even cure cancer, “because it can do things the human mind simply cannot do.”

A 90% Productivity Boost

JPMorgan Chase is walking the walk with AI, building products around the technology that promises to boost productivity and curb costs for its client companies.

A case in point.

The financial giant’s new AI-powered cashflow management tool has already cut manual tasks by 90%, the company says.

“We are going to keep investing into this solution because we see that we’re starting to really crack this workflow,” noted Tony Wimmer, director of data and analytics at JPMorgan’s wholesale payments unit, in a March 4 interview with Bloomberg. Wimmer told Bloomberg the cash flow tool is already being used by 2,500 company clients, with more in the pipeline.

Wimmer says JP Morgan Chase manages $10 trillion in daily payments on behalf of its clients. But that figure isn’t as daunting as it used to be these days.

His CEO certainly agrees, and that should be enough to keep JP Morgan Chase at the forefront of AI financial development.

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