AI-Powered Chatbots: The bank has integrated AI-powered chatbots in their client services to improve customer experience. These bots can handle a range of customer queries, from balance inquiries to more complex banking tasks, allowing for faster and more efficient service.
JPMorgan Chase has recently introduced a generative artificial intelligence assistant called LLM Suite to more than 60,000 of its employees, marking the initial phase of a broader plan to integrate this advanced technology throughout the financial giant. This tool is designed to assist employees with a variety of tasks, including writing emails and reports, and is expected to become as ubiquitous as videoconferencing programs like Zoom within the company.
Rather than creating its own AI models, JPMorgan designed LLM Suite as a portal that allows users to access external large language models (LLMs), starting with the LLM developed by OpenAI, the creator of ChatGPT. “Ultimately, we’d like to be able to move pretty fluidly across models depending on the use cases,” said Teresa Heitsenrether, JPMorgan’s Chief Data and Analytics Officer.
JPMorgan Taps OpenAI’s ChatGPT in Major AI Integration https://t.co/aaQ1bN6mk0
— Crypto Mak (@crypto__mak) August 9, 2024
The introduction of LLM Suite at JPMorgan highlights the rapid adoption of generative AI across American corporations since the launch of ChatGPT in late 2022. JPMorgan’s move follows similar actions by other major companies, such as Morgan Stanley and Apple, which have integrated OpenAI models into their operations. JPMorgan CEO Jamie Dimon has likened the potential impact of this technology to that of electricity, the printing press, and the internet, suggesting it could “augment virtually every job” at the bank.
The bank’s decision to deploy LLM Suite more than a year after restricting the use of ChatGPT by employees is rooted in concerns over data security. JPMorgan wanted to ensure its proprietary data would not be used to train external AI models. “Since our data is a key differentiator, we don’t want it being used to train the model,” Heitsenrether explained.
LLM Suite has been introduced across several of JPMorgan’s divisions, including consumer banking, investment banking, and asset and wealth management. The tool aids employees in tasks like summarizing lengthy documents, problem-solving with Excel, and generating creative ideas. Engineers at the bank can also use LLM Suite to incorporate functions from external AI models into their programs.
JPMorgan has been working with traditional AI and machine learning for more than a decade, but the arrival of ChatGPT has prompted a pivot towards more advanced generative AI technologies. Unlike traditional AI, which performs specific tasks like pattern recognition, generative AI is capable of creating new patterns, which can be used to generate human-sounding text or realistic images.
The bank is exploring numerous applications for both traditional and generative AI and has already implemented several in production. For example, generative AI is being used to create marketing content, plan client itineraries, and summarize meetings for financial advisors. In the consumer banking division, AI helps determine the placement of new branches and ATMs, and assists in call centers by quickly finding answers for service personnel. AI is also being used in the global payments business to prevent fraud.
However, JPMorgan is approaching the use of generative AI in customer-facing roles with caution, due to the risk of providing incorrect information. The company is testing various models from U.S. tech giants and open-source platforms to determine which will be integrated next into the LLM Suite.
JPMorgan Rolls Out AI Chatbot To Staff
US bank JPMorgan Chase reportedly gives asset managers access to internal AI chatbot, compares it to working with human research analyst #AIinBanking #ChatbotTechnology https://t.co/sQXLJnmqNS— Silicon UK (@SiliconGB) July 31, 2024
Heitsenrether outlined three stages for the evolution of generative AI at JPMorgan: first, making the models available to workers; second, enhancing employee productivity by integrating proprietary data; and third, empowering AI to operate as autonomous agents capable of performing complex, multistep tasks. This final stage could significantly boost productivity by allowing employees to focus on higher-value work while AI handles more mundane tasks.
As the financial industry increasingly adopts AI, banking jobs may undergo significant changes, with some roles being augmented and others displaced. Consulting firm Accenture has identified banking as the industry most susceptible to automation, with AI potentially increasing sector profits by $170 billion within four years.
In the meantime, JPMorgan continues to refine its AI strategy, aiming to leverage this powerful technology to transform its operations and enhance employee efficiency.
Quotes
AI Research Initiatives: JPMorgan Chase invests heavily in AI research and development. The bank has dedicated teams working on developing new AI applications across various aspects of its operations, ensuring it remains at the forefront of technological innovation in the financial sector.
Algorithmic Trading: JPMorgan Chase employs AI in its trading operations. AI-driven algorithms help to optimize trading strategies by analyzing market conditions in real-time, which can improve trading performance and efficiency.
Key Points:
i. AI Rollout Across JPMorgan Chase: JPMorgan Chase has introduced a generative AI assistant, called LLM Suite, to over 60,000 employees. This marks the beginning of a broader initiative to integrate AI technology throughout the bank’s operations.
ii. Integration with External Models: Rather than developing its own AI models, JPMorgan has created a portal that connects to external large language models, starting with OpenAI’s ChatGPT. This approach allows flexibility and access to various AI tools while protecting JPMorgan’s proprietary data.
iii. Broad Application Across Departments: LLM Suite is being used across different divisions of the bank, including consumer banking, investment banking, and wealth management. The tool assists employees with tasks like writing emails, summarizing documents, and generating ideas.
iv. Focus on AI Training and Adoption: JPMorgan is not only providing AI tools but also educating employees on effective prompt engineering to maximize the technology’s potential. The goal is to enhance productivity by leveraging AI for routine tasks and complex problem-solving.
v. Future Plans and Cautious Expansion: The bank envisions further stages of AI integration, including incorporating proprietary data and eventually enabling AI to operate autonomously. However, JPMorgan is cautious about deploying AI in areas directly affecting customers due to potential risks, such as inaccurate information from chatbots.
James Kravitz – Reprinted with permission of Whatfinger News
