By
Temitope Olatunji
April 26th, 2024
As JPMorgan’s CEO has stated, the company has already found more than 300 use cases for AI. The applied AI initiatives include virtual assistants, anomaly detection, news analytics, quantitative client intelligence, smart documents, intelligent pricing, and more.
On Monday, JPMorgan Chase & Co (NYSE: JPM) CEO Jamie Dimon had an interview with Bloomberg TV where he spoke about artificial intelligence (AI) development and how this technology will change our lives.
According to Jamie Dimon, the next generation will benefit from AI which will help cure cancer, improve productivity, drive customer engagement, and bring the general level of life to a completely new level.
Dimon commented:
“People have to take a deep breath, OK. Your children are going to live to 100 and not have cancer because of technology. And literally they’ll probably be working three and a half days a week.”
As Dimon added, AI technology is critical for companies that want to be in line with time, and it is already used by thousands of JPMorgan Chase employees. AI adds a “huge value for the company,” therefore, JPMorgan is hiring a lot of people for AI-related positions. By the end of 2023, JPMorgan will deliver more than $1.5 billion in business value from artificial intelligence and machine learning efforts.
Jamie Dimon further said:
“The way to think about it for us is every single process, so errors, trading, hedging, research, every app, every database, you can be applying AI. So it might be as a copilot, it might be to replace humans — AI is doing all the equity hedging for us for the most part.”
As JPMorgan’s CEO has stated, the company has already found more than 300 use cases for AI. The applied AI initiatives include virtual assistants, anomaly detection, news analytics, quantitative client intelligence, smart documents, intelligent pricing, and more.
AI: Opportunities and Risks
The AI technology offers multiple opportunities. Its capabilities range from automating mundane tasks to making complex decisions that were traditionally the domain of human intelligence. It can revolutionize modern medicine, synthesizing large amounts of clinical data to identify a set of treatments for a particular patient along with likely side effects. It can deliver exceptional customer experience, it is capable of streamlining financial operations and enhancing fraud detection.
However, it can be also used by malicious actors who can exploit AI to carry out sophisticated cyber-attacks and evade traditional defense mechanisms.
These risks have been admitted by Jamie Dimon. “Technology has done unbelievable things for mankind but, you know, planes crash, pharmaceuticals get misused – there are negatives. This one, the biggest negative in my view is AI being used by bad people to do bad things”, said he.
The range of nefarious activities that can be conducted with the use of AI is varying from data breaches to advanced cyberattacks. The key features that make AI powerful, such as its ability to learn and adapt, also make it a potential security risk. AI is a challenging landscape, and only through concerted efforts across industries, governments, and civil society can safeguard against its potential dangers.