JPMorgan’s AI Tool Can Cut Some Manual Work by 90%
JPMorgan helped some of its corporate customers slash manual work by almost 90% with its cashflow management tool that runs on artificial intelligence.
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The tool, which launched about a year ago, allows corporate treasuries to analyze and forecast cashflows. It has seen "tremendous" interest from clients who currently use it for free, said Tony Wimmer, head of data and analytics at JPMorgan's wholesale payments unit. The company says it may charge for the service in the future.
The world's biggest banks have been stepping up their use of AI with the aim of lifting productivity and reducing costs. JPMorgan CEO Jamie Dimon has said the technology could eventually allow employers to shrink the workweek to just 3.5 days .?
Readers: Would you be in favor of a shorter workweek in exchange for more AI integration in your workplace? Share your thoughts by joining the conversation below in the comments, and subscribe to our AI-focused newsletter.
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8 个月Open borders. AI in the banking industry is significant to the continuous evolution facing our international monetary network. Use of AI has enormous potential to create new human jobs in banking technology; changing how we think, use and invest money or its equivalence in orders to provide a more efficient monetary banking environment.
Strategic Account Manager - South-East Asia
8 个月AI tools used in the banking industry are becoming of paramount importance. Shaping your business with AI is a must technology and skill in the near future. With continuous development and involvement of AI, the banking industry will go into a new era with more productivity. ? To explore the potential of your organization in using AI, please do not hesitate to subscribe this Newsletter of "How AI is Re-shaping the Banking Industry". ? https://www.dhirubhai.net/newsletters/shaping-success-with-ai-7154330256470953984/
BA. MSc. PhD. Optimizing Supply Chain with Data Analysis and Emerging Technologies
8 个月Any highly repeatable work, definitely should consider AI to replace. It is boring and easier to make mistakes. But I found not all companies have a comprehensive strategy. This could lead to dangerous results. Thinking about not only cost, but data structure and security.
All-in-One Technology Professional
8 个月At this point everyone needs to learn how to use AI in their career.
Product Marketing | ABM/ABX Strategy | Content | Brand | Communications & PR | Analyst Relations
8 个月Using AI to reduce DSO and improve STP has been a reality since at least 2017. Historically banks, were slow to adopt from Fintech innovators and struggled to communicate value to business clients.?