Jamie Dimon might be concerned about the economy, but he’s optimistic regarding artificial intelligence.
In his annual shareholder letter, JP Morgan Chase’s (JPM) CEO stated that he believes the effects of AI on business, society, and the economy would be not just significant, but also life-changing.
Dimon stated, we are fully convinced that the consequences of AI will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years: Think of the printing press, the steam engine, electricity, computing, and the Internet, among others. However, we do not know the full effect or the precise rate at which AI will change our business — or how it will affect society at large.
Since the financial institution has been employing AI for over a decade, more than 2,000 data scientists and experts in AI and machine learning are employed there, according to Dimon. More than 400 use cases involving the technology are in the works, and they include fraud, risk, and marketing.
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