Employee Benefit News November 29, 2023
JPMorgan Chase said artificial intelligence tools are starting to generate revenue for the bank, with future advances in AI likely to produce even more benefits.
“In addition to efficiency and potential cost avoidance, we are seeing revenue-generating activity, and that’s really encouraging,” Teresa Heitsenrether, the bank’s chief data and analytics officer, said at the Evident AI Symposium on Wednesday.
JPMorgan set a target last year of $1 billion in “business value” generated by AI in 2023, and the firm increased that goal to $1.5 billion at its investor day in May. The gains come from benefits including personalized recommendations to clients in the card businesses and providing insights to client-coverage teams, according to Heitsenrether.
The world’s biggest banks have been...
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