JPMorgan Chase is all in on artificial intelligence. The bank’s CEO, Jamie Dimon, is leading the charge. He is described as a “tremendous user” of the tech and, apparently, he’s eager to use it on his phone.
“He’s been desperate to get 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 deliverable before the end of the year.”
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JPMorgan recently launched its “LLM Suite,” a generative AI tool, to 200,000 employees. These tools are already making waves. Before business reviews with Dimon, Heitsenrether runs her presentation through AI to refine the message. “What is the message coming out of this? Make it more concise. Make it clear,” she explained. “It certainly has helped with that.”
The AI rollout is just the first step in JPMorgan’s broader AI strategy, which Dimon likened earlier this year to the steam engine and the printing press, saying its “consequences will be extraordinary.” The bank aims to take employees from “five minutes of efficiency to five hours of efficiency,” Heitsenrether said. This means moving beyond tasks like summarizing documents and integrating AI into daily workflows.
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The response to AI at JPMorgan has been “enthusiastic,” sparking “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 in. “When the investment bank found out, they said, ‘Well, wait a minute, we want to be on there too,'” Heitsenrether said. “It does create a flywheel effect.”
To help employees adapt to AI, JPMorgan offers training and has created “superusers”—the top 10% to 20% of employees eager to adopt the tech. These superusers act as local experts within their teams.
The most common early adopters are people who immediately see the benefits, like lawyers using AI to summarize contracts in minutes instead of hours.