JP Morgan Introduces AI In Order to Advance Automation in Finance
JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking.
JP Morgan has introduced to the world an artificial intelligence-powered servant. Over the past six months JP Morgan has been taking the treasurer’s and finance chiefs of some of the biggest companies in the world to the bank’s technology lab on the West side of Manhattan so that the machine could make contact with people to figure out what makes them tick. More trials with different companies will begin next week, and even more plans will be released to more companies in 2019.
The Artificial Intelligence program is part of the company’s most recent attempt at advancing automation in finance. The program is used in the JP Morgan’s treasury services division that helps corporate clients move money all around the world. This side of the bank is unseen by its retail consumers and on average handles $5 trillion on a daily basis.
Big time lenders such as Bank of America and Wells Fargo have already introduced virtual assistants to million of their retail consumers, but the AI technology is just now making its was to corporate clients, which tend to bring bigger challenges to artificial intelligence programs. An example of this would be that a typical checking customer will only have one or a handful of accounts, but a corporate company will have 10,000 accounts in dozens of different currencies all around the world, with an individual corporate user only having permission to see certain accounts.
Earlier this year, the JP Morgan introduced Amazon’s voice-activated assistant Alexa to help investment banking clients access research, and has created mobile apps for its trading business.
The start of JP Morgan’s virtual assistant program began late in 2017 with the attempt to hopefully unseat rival Citigroup as the leader in wholesale payments.
Currently, users must navigate through some of the websites 1200 pages to complete tasks like sending wires or exporting data from multiple accounts to figure out balances. In the near future, clients will be able to simply ask the virtual assistant for information on the balances.
The AI program has not yet been given a name, but learns from its users to see what question they typically ask as well as patterns their actions. Eventually, the program will be able to make recommendations and hopefully spread beyond just desktop computers to mobile and voice activated devices. The pilot program will launch next week.
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