JPMorgan CIO Says AI Holds Promise for Helping People Save
11 Dicembre 2019 - 10:24PM
Dow Jones News
By Sara Castellanos
NEW YORK -- JPMorgan Chase & Co. Chief Information Officer
Lori Beer said artificial intelligence could help the bank develop
new products and services for helping people build retirement
savings, among other things.
"I do think we are uniquely positioned to really have an impact
on how AI will address social-economic issues that provide wider
access to financial services in our communities," Ms. Beer said,
speaking at the AI Summit, a conference that focuses on AI's impact
across different areas of business.
AI-based virtual assistants, for example, could be used to help
consumers save money for retirement, Ms. Beer said, declining to
give more details.
About 25% of working Americans say they have no retirement
savings at all and 44% worry that their saving isn't on track,
according to a recent Federal Reserve survey.
JPMorgan can tackle problems related to AI and socioeconomic
issues in part because it has access to an enormous amount of data,
Ms. Beer said. The bank, the country's largest by revenue,
processes $6 trillion in payments daily and has relationships with
about half of U.S. households.
It stores about 390 petabytes -- or 390 million gigabytes -- of
data, ranging from information about its customers to data about
credit-card transactions, Ms. Beer said. The bank also integrates
details from about 7,500 alternative data sources, such as public
financial statements, census data, social media, satellite images,
news sources and market data.
World-wide spending on AI systems this year will be led by the
retail and banking industries, according to International Data
Corp. Banks are projected to invest more than $5 billion in AI in
2019, according to a September report from IDC, up from an
estimated $4 billion in 2018. Investments are expected to focus on
automated threat intelligence and fraud analysis, according to
IDC.
JPMorgan is using AI in various parts of its business, including
client services. A tool from software company Persado Inc. helps
the bank tailor its marketing messages.
The bank is also using AI to automate repetitive and mundane
tasks. A machine-learning model ingests all of the company's travel
and expense data and does automatic audits, eliminating the need
for managers to approve expenses, Ms. Beer said. It's "taking some
bureaucracy out of our managers' hands," she added.
Write to Sara Castellanos at sara.castellanos@wsj.com
(END) Dow Jones Newswires
December 11, 2019 16:09 ET (21:09 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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