In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon highlighted the “critical impact” of AI and the “critical” importance of migrating to the cloud.
The Wall Street giant now has more than 2,000 AI and machine learning experts and data scientists helping it realize over 400 use cases for the technology in areas such as marketing, fraud and risk.
Meanwhile, work is underway to explore the use of generative AI in software development, customer service and operations, and general employee productivity.
“We envision that GenAI will help us redesign entire business processes in the future,” Dimon writes, adding that the technology “has the potential to improve virtually every job.”
The letter’s other big technology focus is on the cloud: “Bringing our technology to the cloud – be it the public or private cloud – is critical to fully exploiting all of our capabilities, including the power of our data.”
It is crucial that the bank leverages multiple clouds to avoid dependency, warns Dimon, while at the same time the bank maintains its own expertise to avoid dependency on the big technology companies. Around $2 billion was invested in four new private cloud-based data centers.
Currently, about half of JPMorgan’s applications run largely in the public or private cloud. About 70% of data now runs in the public or private cloud.
By the end of 2024, the bank wants to have migrated 70% of applications and 75% of data.