JPMorgan Strives for Generative Finance AI

Throughout the past year, many companies have joined the trend of adding artificial intelligence to their toolkit - and JPMorgan is no exception. During an interview earlier this year between CNBC and Teresa Heitsenrether, JPMorgan's Chief Data and Analytics Officer, the company touched on their current expeditions in AI.

"JPMorgan Chase has rolled out a generative artificial intelligence assistant to tens of thousands of its employees in recent weeks, the initial phase of a broader plan to inject the technology throughout the sprawling financial giant.

The program, called LLM Suite, is already available to more than 60,000 employees, helping them with tasks like writing emails and reports. The software is expected to eventually be as ubiquitous within the bank as the videoconferencing program Zoom, people with knowledge of the plans told CNBC.

Rather than developing its own AI models, JPMorgan designed LLM Suite to be a portal that allows users to tap external large language models — the complex programs underpinning generative AI tools — and launched it with ChatGPT maker OpenAI’s LLM, said the people." (CNBC, August 9, 2024)

CNBC's summary of the topics which JPMorgan's Chief Data and Analytics Officer touched on showcase a substantial investment into artificial intelligence in the hopes of an improvement in employee's ability to perform day-to-day tasks.

Additionally, the company commented about their plans to expand and continue to invest in AI: "Ultimately, we’d like to be able to move pretty fluidly across models depending on the use cases. The plan is not to be beholden to any one model provider." (CNBC, August 9, 2024)

As stated by JPMorgan's executives, the company has entered the AI space and is there to stay. The company now joins an ever-growing group of corporations who have made the decision to invest large amounts of capital into AI technology and its applications in finance.