JPMorgan Chase has introduced LLM Suite, a generative AI chatbot developed internally for its employees. This innovative tool aims to function like a research analyst, assisting staff with writing, brainstorming, and document summarization. An internal memo shared with the Financial Times describes LLM Suite as a resource capable of providing information, solutions, and expert advice on various topics.
Currently, the chatbot is being utilized by approximately 50,000 employees, with upcoming phases extending access to individuals in the bank’s asset and wealth management sectors. At JPMorgan’s investor day in May, Mary Erdoes, the head of asset and wealth management, noted that all new hires would undergo prompt engineering training to prepare them for the future of AI integration.
Daniel Pinto, the company’s president, emphasized the transformative potential of this technology for the bank’s extensive workforce, including 60,000 developers and 80,000 operations and call center employees. In an April letter to shareholders, CEO Jamie Dimon compared the rise of AI to monumental technological advancements like the printing press and steam engine, expressing confidence that generative AI could fundamentally reshape business workflows and enhance almost every job.
In addition to LLM Suite, JPMorgan has leveraged OpenAI’s GPT-4 model for thematic investment strategies. The bank employs natural language processing to analyze news articles, identifying companies relevant to specific investment themes. Today, JPMorgan boasts a team of over 2,000 AI experts and data scientists, successfully identifying over 400 applications of AI technology in various fields such as marketing, fraud detection, and risk management.
A recent study by Evident highlighted JPMorgan’s remarkable growth in AI research output, increasing from 30% in 2018 to 45% in 2023, attributed to significant investments in AI talent. The bank’s dedicated team of over 200 AI researchers surpasses that of its closest competitor, the Royal Bank of Canada, and represents nearly half of the AI research personnel among the top ten banks.
For more insights on the evolving role of artificial intelligence in banking, consider attending Finextra’s inaugural NextGenAI conference on November 26, 2024. Register your interest to explore the exciting challenges and opportunities AI presents in this sector.