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JPMorgan Chase is driving AI adoption across multiple facets of its operations, using AI to enhance trading, fraud detection, and customer personalization. Internally, AI is streamlining operations by improving risk management, automating routine tasks, and optimizing supply chain logistics. AI tools such as chatbots and virtual assistants enhance customer service, providing quick responses and 24/7 support.
To ensure employees are prepared for AI-driven technologies, JPMorgan has significantly increased training, including prompt engineering and apprenticeships, investing in workforce diversity, and upskilling over 60,000 employees. A team of 2,000 AI experts supports these efforts. Ethical AI is a priority, with the creation of the Explainable AI Center of Excellence to ensure fairness, transparency, and accountability in AI systems. The bank also collaborates with institutions like MIT to advance socially responsible AI, reinforcing its commitment to ethical AI development.
2024 AI-related highlights
- UT and JPMorgan Chase researchers created an unlearning algorithm for generative AI, enabling models to forget harmful information in image generation. (Feb 2024)
- Launches IndexGPT, an AI-driven thematic investing tool using OpenAI’s GPT-4 to create investment baskets based on trends. (May 2024)
- Provides AI training for new employees, highlighting its commitment to integrating AI across operations and boosting efficiency. (May 2024)
- Leads global AI hiring in banking, with 400 job offers in Q1 2024, reflecting a significant focus on AI compared to European banks. (May 2024)
- Launches the LLM Suite, a generative AI assistant, to enhance productivity for over 60,000 employees across the bank. (Jul 2024)