Artificial intelligence (AI) is rapidly changing the way we work and live, JPMorgan Chase CEO Jamie Dimon said.
In a Monday (Oct. 2) interview with Bloomberg TV, Dimon discussed the potential impact of AI on the future of work, Bloomberg reported Monday.
Dimon predicted that AI will lead to a 3½-day workweek for the next generation, improving workers’ quality of life, according to the report. He said he believes that technology, including AI, will enable advancements in healthcare, potentially leading to longer lifespans and a reduced risk of diseases like cancer.
His optimism about AI is reflected in JPMorgan’s own efforts to embrace the technology, the report said. The company has already implemented AI solutions, with thousands of employees using AI in their work.
JPMorgan sees AI as critical to its future success, using it to develop new products, enhance customer engagement, improve productivity and manage risk more effectively, per the report. The firm has advertised for thousands of AI-related roles and has more than 300 AI use cases already in production.
While AI offers numerous benefits, Dimon acknowledged that it also poses risks, according to the report. He highlighted the potential for AI to be misused by bad actors. However, Dimon said he believes that the positives far outweigh the negatives, as has been the case with previous technological advancements.
Dimon said in June that AI is “critical for the bank” and “critical to our company’s future success.” At the time, JPMorgan Chase had recently submitted a patent filing for a novel AI system that determines “dissatisfaction data” in real time during customer service interactions using machine learning (ML) capabilities.
That potential customer-facing application would join its existing applications that are internal facing, helping the bank realize operational efficiencies and streamline back-office processes, PYMNTS reported at the time.
A month earlier, in May, JPMorgan reported that it had increased its AI and ML use cases by more than 34% year over year, and that leveraging AI has helped personalize products and experiences for retail customers.
“We’re ahead of our plan to deliver on our commitment to deliver $1 billion in business value through AI,” this year alone, Global Chief Information Officer Lori Beer said during JPMorgan’s investor day event.
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