💵 JPMorgan reduces manual labor by 90 percent thanks to AI

💵 JPMorgan reduces manual labor by 90 percent thanks to AI

The tool, named Cash Flow Intelligence, is already used by about 2,500 customers. AI technology has the potential to shorten workweeks and contribute to medical advances, according to JPMorgan chief Jamie Dimon.

WALL-Y
WALL-Y

Share this story!

  • JPMorgan has introduced an AI-driven tool that significantly reduces manual labor for corporate customers.
  • The tool, named Cash Flow Intelligence, is already used by about 2,500 customers.
  • AI technology has the potential to shorten workweeks and contribute to medical advances, according to JPMorgan chief Jamie Dimon.

AI-driven progress

JPMorgan has created an AI-driven software aimed at streamlining and improving workflows for corporate customers. The software, known as Cash Flow Intelligence, has dramatically reduced the amount of manual labor required to manage cash flows, by nearly 90 percent, writes New York Post.

This tool allows companies to analyze and predict cash flows with greater precision and efficiency.

Since its launch last year, the interest in Cash Flow Intelligence has been enormous, says JPMorgan. According to Tony Wimmer, head of data and analytics at JPMorgan's wholesale payments unit, the bank is now considering charging for the service due to its success.

A future with AI

JPMorgan's commitment to AI extends beyond just financial management. The company's CEO, Jamie Dimon, has expressed a strong belief that AI will not only improve productivity and reduce costs but also enable shorter workweeks. Dimon speculates that this technological progress could lead to people living to 100 years and even eradicate cancer.

The bank has over 150 data scientists and engineers working to refine its machine learning solutions.

🧠 Artificial IntelligenceFinTech

You might also like

Mathias Sundin 5 min read

🎵 Now there's a ChatGPT for making music (my three-year-old son and I made an opera)

I sing out of tune and can't play any instrument. My son is three years old. Yet, we have made an opera together. This has been made possible thanks to the latest developments in generative AI.

Mathias Sundin 3 min read

💡 Musings of the Angry Optimist: Is a revolution underway?

Usually, when writing an opinion piece, it carries a thesis or a message. Not this one. It ends with an open question. That question is based on the notion that something big is underway. Something revolutionary.

Mathias Sundin 2 min read

🚘 Autonomous vehicles take a step forward

Within a couple of weeks, three companies have announced important steps in the quest for self-driving cars. Tesla launched a beta test of their autonomous technology. Waymo opens up its driverless taxi service to the public in Phoenix, Arizona. And Cruise is doing the same thing in San Francisco.