JPMorgan Chase has successfully harnessed the power of artificial intelligence (AI) to drive business growth, even in turbulent market conditions. The bank's asset and wealth management division has seen significant benefits from AI implementation, enabling it to provide faster research and investment advice to clients, manage client requests more efficiently, and anticipate queries.
According to Mary Erdoes, the bank's CEO of asset and wealth management, AI tools have been instrumental in helping bankers provide research and investment advice to wealthy clients at a faster pace. The bank's AI tool, Coach AI, used by private client advisers, locates content and research 95% faster, allowing advisers to focus on high-impact client work.
The bank expects to expand its client roster by 50% in the next three to five years, thanks to AI handling research-related work, enabling advisers to take on more clients. This growth is expected to be driven by the increased efficiency and productivity brought about by AI.
JPMorgan's AI initiatives have also yielded significant cost savings, with the bank estimating that AI has saved it nearly $1.5 billion through fraud prevention, personalization, trading, operational efficiencies, and credit decisions.
The bank's success with AI is reflective of the broader industry trend, with other major banks, such as Goldman Sachs and Morgan Stanley, also investing heavily in AI. As the financial services industry continues to evolve, it's clear that AI will play a critical role in driving innovation and growth.
