Teresa Heitsenrether is the company's chief data and analytics officer.
Courtesy: Joe Wyrick | Photography Bureau
JPMorgan Chase In recent weeks, the company has rolled out generative artificial intelligence assistants to tens of thousands of employees, the initial phase of a broader plan to inject the technology into the sprawling financial giant.
The program, called LLM Suite, is used by more than 60,000 employees to help them complete tasks such as writing emails and reports. People familiar with the matter told CNBC that the software is expected to eventually become as popular as Zoom, the video conferencing platform.
Rather than developing its own artificial intelligence models, JPMorgan Chase designed LLM Suite as a portal that allows users to leverage external large language models — the complex programs that underpin generative artificial intelligence tools — and collaborated with OpenAI, the maker of ChatGPT, people familiar with the matter said. Launched together with the LL.M.
“Ultimately, we want to be able to move between models very fluidly depending on the use case,” Teresa HeisenreiserJPMorgan Chase’s chief data and analytics officer said in an interview. “The program will not be beholden to any one model provider.”
The move by JPMorgan, the largest U.S. bank by assets, shows how quickly generative artificial intelligence has swept through U.S. businesses since the arrival of ChatGPT in late 2022. Morgan Stanley has released a pair of OpenAI-powered tools for its financial advisors. and consumer tech giants apple Said in June Integrate OpenAI integrates models into the operating systems of hundreds of millions of consumer devices, greatly expanding its reach.
This technology has been hailed by some as “cognitive revolution“The automation of tasks previously performed by knowledge workers may be as important as the advent of electricity, the printing press and the Internet,” Jamie Dimon, CEO of JPMorgan Chase, said in April.
Dimon said this could “increase almost every job at the bank.” As of June, JPMorgan Chase had about 313,000 employees.
ChatGPT ban
More than a year later, the bank is offering ChatGPT, essentially OpenAI, to employees in a JPMorgan-approved package restricted Employees stopped using ChatGPT. That's because JPMorgan didn't want to expose its data to outside providers, Heitsenrether said.
“Since our data is a key differentiator, we don't want it to be used to train models,” she said. “The way we implemented it allows us to leverage that model while still protecting our data.”
The bank has introduced LLM Suite broadly across the company, with JPMorgan's consumer unit, investment bank and asset and wealth management business units using the suite, people familiar with the matter said. It helps employees write and summarize lengthy documents, use Excel to solve problems, and generate ideas.
But Heitsenrether said getting it onto employees' desktops is just the first step.
“You have to teach people how to do Just-in-time engineering “It's relevant to their field, showing them what it can actually do,” Heitsenrether said. develop”.
The bank's engineers can also use LLM Suite to incorporate the capabilities of external AI models directly into their programs, she said.
“Exponentially bigger”
JPMorgan Chase has been working on traditional artificial intelligence and machine learning for more than a decade, but the arrival of ChatGPT forced a pivot.
Traditional or narrow artificial intelligence performs specific tasks involving pattern recognition, such as making predictions based on historical data. Generative AI, however, is more advanced and trains models on large data sets with the goal of creating patterns, which is how human-sounding text or lifelike images are formed.
Heitsenrether said that because the LL.M. is so flexible, the number of uses of generative AI has “exponentially increased” compared to previous technologies.
The bank is testing many use cases of both forms of AI and has already put some into production.
JPMorgan Chase is using generative AI to create marketing content for social media channels and create itineraries for customers travel agency It acquired and concluded Financial Advisor Meetings in 2022, she said.
Heitsenrether said Consumer Bank uses artificial intelligence to determine where to place new branches and ATMs by ingesting satellite imagery, and uses artificial intelligence in call centers to help service personnel find answers quickly.
She said the company's global payments business handles more than $8 trillion in transactions worldwide every day, and artificial intelligence helps prevent hundreds of millions of dollars in fraud.
But Heitsenrether said the bank is more cautious about generative AI that touches individual customers directly because of the risk of chatbots providing bad information.
Eventually, she said, the field of generative artificial intelligence may develop into “five or six basic models” that dominate the market.
The bank is testing Master of Laws Next steps will include tapping into its portal from U.S. tech giants as well as open-source models, said the people, who spoke on condition of anonymity to discuss the bank's artificial intelligence strategy.
Friend or foe?
Heitsenrether charts three stages in the development of generative AI at J.P. Morgan.
The first involves simply giving the model to workers; the second involves adding JPMorgan's proprietary data to help improve employee productivity, which is when the company is just getting started.
The third is an even bigger leap, when generative AI is powerful enough to operate autonomously, productivity will increase dramatically. agent Perform complex multi-step tasks. This will make ordinary employees more like managers directed by artificial intelligence assistants.
The technology could empower some workers while displacing others, changing the makeup of industries in ways that are difficult to predict.
Consultants say banking jobs are the most susceptible to automation of all industries, including technology, healthcare and retail Accenture. Artificial intelligence could boost industry profits by $170 billion in just four years Citigroup analysts said.
Heitsenrether said people should think of generative AI as “an assistant that can take away the more mundane things that none of us want to do, and it can give you answers without having to wade through spreadsheets.”
“You can focus on higher value work,” she said.
—CNBC’s Leslie Picker contributed to this report.
