‘AI is going to be huge’ says JPMorgan’s Jamie Dimon as he lays out his vision for the future of money
- AI is likely to make dramatic improvements to workers’ quality of life, but as with every new technology, some jobs will also be lost, Dimon says
- Unlike one central ‘everything app’ in the US, there will be a bunch of ‘mini superapps’ instead, he says
JPMorgan Chase CEO Jamie Dimon makes no secret that his firm is all-in on artificial intelligence (AI). Now, the head of the world’s biggest bank is laying out his vision for the future of money in an AI world.
Will you be able to turn to the bank’s future chatbot – let’s call it ChatJPM – and say, “I have 30 years, what should I do?” Yes, says Dimon. “We, in some ways, can do that a little bit already today,” he said in an interview.
AI is already embedded in JPMorgan’s wealth plans, but soon that technology will be even more sophisticated, he said. “All that is going to do is know more about you, learn more about you, look at patterns and, you know, look at successful things in the past,” Dimon added. “AI is going to be a huge aid to things like that.”
In a recent letter to shareholders, Dimon devoted a significant amount of ink to the importance of AI for JPMorgan and society at large. He likened the emerging technology to the “printing press, the steam engine, electricity, computing and the internet.”
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The New York-based bank already has thousands of employees working on AI. Dimon has said previously that AI will be embedded in every one of the bank’s processes, including trading, research, equity hedging and customer service, often as a sort of co-pilot. AI is likely to make dramatic improvements in workers’ quality of life, but as with every new technology, some jobs will also be lost, Dimon said.
AI tools are already starting to generate revenue for the bank, and future advances in the technology are likely to produce even more benefits. But AI is not without risks to the financial system. Gary Gensler, head of the US Securities and Exchange Commission, says the technology can make it hard to understand why decisions are made, and increase volatility and instability.
