JPMorgan Chase, the leading U.S. bank, launched its generative AI assistant, LLM Suite, according to CNBC. The LLM Suite, developed in partnership with OpenAI, applies large language models to generate emails and reports and perform other bank activities.
Over 60,000 employees, 20% of the bank’s staff, have access to this new instrument. The LLM Suite is implemented across many departments in the bank, such as the consumer banking, investment services, and asset management divisions.
JPMorgan reverses AI policy
This tool is expected to enhance employee productivity by automating some tasks, such as document summarization and itinerary planning. This comes in light of a recent policy where JPMorgan Chase had earlier banned the use of external AI tools such as chatbot ChatGPT. This conversion to integrating AI is a new model for the bank’s progression in the use of technology.
Mary Erdoes, CEO of the bank’s asset and wealth management arm, said that AI has cut the time that analysts spend collecting data by two to four hours a day. This saves time for the staff, and they can use this time to engage in more important activities, hence enhancing productivity.
JPMorgan Chase’s move to integrate AI is a part of the firm’s strategy to strengthen its position in the market and outdo competitors. The bank is an early adopter of AI, where it employed its head of AI research in 2018 and has identified over 400 use cases cutting across all departments. CEO Jamie Dimon has spoken about the potential of AI in the same way as he did about the printing press and the steam engine.
“Over time, we anticipate that our use of AI has the potential to augment virtually every job, as well as impact our workforce composition.”
Jamie Dimon
In his annual letter to shareholders this year, Dimon highlighted the significance of AI in the future business. The bank has been quite enthusiastic about its adoption of AI, as seen by the fact that it offers AI training to all its new employees. JPMorgan president Daniel Pinto said that AI applications could unlock, in his estimate, $1. 5 billion in value this year.
AI integration across the financial sector
However, it is worth stating that JPMorgan Chase is not the only financial organization that has turned to the utilization of AI. Other large financial organizations are also using AI to increase productivity.
Morgan Stanley has begun using Debrief, a generative AI assistant that can create text to summarise conversations, compose emails, and record narration. Based on the OpenAI’s GPT-4, Debrief enhances the efficiency of the interaction with the clients.
Goldman Sachs has unveiled its GS AI Platform, enhancing the firm’s machine learning function. The platform uses GPT-3. 5 and GPT-4 models from OpenAI, Google’s Gemini model, and Meta’s Llama.
Bank of America, the second-largest bank in the United States, plans to spend $4 billion on technology, including AI, in 2024. Erica, its virtual assistant, has had 2 billion interactions. This shows how more and more companies are using AI for their customer service.
