JPMorgan Chase\u00a0has 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.<\/p>\n
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.<\/p>\n
Rather than developing its own AI models, JPMorgan designed LLM Suite to be a portal that allows users to tap external large language models \u2014 the complex programs underpinning generative AI tools \u2014 and launched it with ChatGPT maker OpenAI\u2019s LLM, said the people.<\/p>\n
\u201cUltimately, we\u2019d like to be able to move pretty fluidly across models depending on the use cases,\u201d\u00a0Teresa Heitsenrether, JPMorgan\u2019s chief data and analytics officer, said in an interview. \u201cThe plan is not to be beholden to any one model provider.\u201d<\/p>\n
The move by JPMorgan, the largest U.S. bank by assets, shows how quickly generative AI has swept through American corporations since the arrival of ChatGPT in late 2022. Rival bank\u00a0Morgan Stanley\u00a0has already released a pair of OpenAI-powered tools for its financial advisors. And consumer tech giant\u00a0Apple\u00a0said in June that it was\u00a0integrating\u00a0OpenAI models into the operating system of hundreds of millions of its consumer devices, vastly expanding its reach.<\/p>\n
The technology \u2014 hailed by some as the \u201cCognitive Revolution\u201d in which tasks formerly done by knowledge workers will be automated \u2014 could be as important as the advent of\u00a0electricity, the printing press and the internet, JPMorgan CEO\u00a0Jamie Dimon\u00a0said in April.<\/p>\n
It will likely \u201caugment virtually every job\u201d at the bank, Dimon said. JPMorgan had about 313,000 employees as of June.<\/p>\n
The bank is giving employees what is essentially OpenAI\u2019s ChatGPT in a JPMorgan-approved wrapper more than a year after it\u00a0restricted\u00a0employees from using ChatGPT. That\u2019s because JPMorgan didn\u2019t want to expose its data to external providers, Heitsenrether said.<\/p>\n
\u201cSince our data is a key differentiator, we don\u2019t want it being used to train the model,\u201d she said. \u201cWe\u2019ve implemented it in a way that we can leverage the model while still keeping our data protected.\u201d<\/p>\n
The bank has introduced LLM Suite broadly across the company, with groups using it in JPMorgan\u2019s consumer division, investment bank, and asset and wealth management business, the people said. It can help employees with writing, summarizing lengthy documents, problem solving using Excel, and generating ideas.<\/p>\n
But getting it on employees\u2019 desktops is just the first step, according to Heitsenrether, who was promoted in 2023 to lead the bank\u2019s adoption of the red-hot technology.<\/p>\n
\u201cYou have to teach people how to do\u00a0prompt engineering\u00a0that is relevant for their domain to show them what it can actually do,\u201d Heitsenrether said. \u201cThe more people get deep into it and unlock what it\u2019s good at and what it\u2019s not, the more we\u2019re starting to see the ideas really flourishing.\u201d<\/p>\n
The bank\u2019s engineers can also use LLM Suite to incorporate functions from external AI models directly into their programs, she said.<\/p>\n
JPMorgan has been working on traditional AI and machine learning for more than a decade, but the arrival of ChatGPT forced it to pivot.<\/p>\n
Traditional, or narrow, AI performs specific tasks involving pattern recognition, like making predictions based on historical data. Generative AI is more advanced, however, and trains models on vast data sets with the goal of pattern creation, which is how human-sounding text or realistic images are formed.<\/p>\n
The number of uses for generative AI are \u201cexponentially bigger\u201d than previous technology because of how flexible LLMs are, Heitsenrether said.<\/p>\n
The bank is testing many cases for both forms of AI and has already put a few into production.<\/p>\n
JPMorgan is using generative AI to create marketing content for social media channels, map out itineraries for clients of the\u00a0travel agency\u00a0it acquired in 2022 and summarize meetings for financial advisors, she said.<\/p>\n
The consumer bank uses AI to determine where to place new branches and ATMs by ingesting satellite images and in call centers to help service personnel quickly find answers, Heitsenrether said.<\/p>\n
In the firm\u2019s global-payments business, which moves more than $8 trillion around the world daily, AI helps prevent hundreds of millions of dollars in fraud, she said.<\/p>\n
But the bank is being more cautious with generative AI that directly touches upon the individual customer because of the risk that a chatbot gives bad information, Heitsenrether said.<\/p>\n
Ultimately, the generative AI field may develop into \u201cfive or six big foundational models\u201d that dominate the market, she said.<\/p>\n
The bank is testing\u00a0LLMs\u00a0from U.S. tech giants as well as open source models to onboard to its portal next, said the people, who declined to be identified speaking about the bank\u2019s AI strategy.<\/p>\n
Heitsenrether charted out three stages for the evolution of generative AI at JPMorgan.<\/p>\n
The first is simply making the models available to workers; the second involves adding proprietary JPMorgan data to help boost employee productivity, which is the stage that has just begun at the company.<\/p>\n
The third is a larger leap that would unlock far greater productivity gains, which is when generative AI is powerful enough to operate as autonomous\u00a0agents\u00a0that perform complex multistep tasks. That would make rank-and-file employees more like managers with AI assistants at their command.<\/p>\n
The technology will likely empower some workers while displacing others, changing the composition of the industry in ways that are hard to predict.<\/p>\n
Banking jobs are the most prone to automation of all industries, including technology, health care and retail, according to consulting firm\u00a0Accenture. AI could boost the sector\u2019s profits by $170 billion in just four years,\u00a0Citigroup\u00a0analysts said.\u00a0<\/p>\n
People should consider generative AI \u201clike an assistant that takes away the more mundane things that we would all like to not do, where it can just give you the answer without grinding through the spreadsheets,\u201d Heitsenrether said.<\/p>\n
\u201cYou can focus on the higher-value work,\u201d she said.<\/p>\n
\u2014 CNBC\u2019s Leslie Picker contributed to this report.<\/em><\/p>\n<\/p>\n JPMorgan Chase\u00a0has 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 […]<\/p>\n","protected":false},"author":0,"featured_media":7711,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/7710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=7710"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/7710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/7711"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=7710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=7710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=7710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}