JPMorgan Chase & Co. is setting a new standard in the banking industry by incorporating artificial intelligence (AI) into its employee training programs.
Every new recruit at the financial giant will now undergo prompt engineering training, as announced by Mary Erdoes, head of the asset- and wealth-management unit, during the firm’s recent investor day.
The integration of AI is streamlining operations significantly within JPMorgan. In the asset- and wealth-management sector, AI tools are cutting down the time spent on manual data retrieval. Bankers can now access essential information about potential investments instantly, even while engaging with clients.
This efficiency not only boosts client service but also frees up employees from repetitive tasks, saving them between two to four hours per day.
Financial Impact and Broad Application
The firm estimates the value of implementing AI technology to be between $1 billion and $1.5 billion. Daniel Pinto, President of JPMorgan, highlighted the substantial influence of AI across various departments.
With around 140,000 employees poised to benefit from AI applications, the firm anticipates significant improvements in operational efficiency and service delivery.
As the company continues to integrate AI across its various sectors, it sets a benchmark for the future of banking.
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