JPMorgan has been using cashflow management software that runs on artificial intelligence — and it has reportedly slashed manual work for some of its corporate customers by almost 90%.
The AI tool, called Cash Flow Intelligence, was launched last year to allow corporate treasuries to analyze and forecast cash flows, according to Bloomberg.
It has seen “tremendous” interest from JPMorgan’s clients, Tony Wimmer, the head of data and analytics at JPMorgan’s wholesale payments unit, told Bloomberg.
The Wall Street behemoth has roughly 2,500 clients using the AI-backed tool — and its success thus far has JPMorgan closer to charging for the service, Bloomberg reported.
It wasn’t immediately clear when JPMorgan’s Cash Flow Intelligence would be available for a monthly fee, or how much the bank would charge for the service.
In the meantime, Wimmer told Bloomberg that the firm is “going to keep investing into this solution because we see that we’re starting to really crack this workflow.”
JPMorgan has more than 150 data scientists and engineers working on refining its machine-learning solutions, according to CFO Magazine, though it was unclear how many staffers are developing the Cash Flow Intelligence.
Representatives for JPMorgan declined The Post’s request for comment.
The bank revealed in November that AI has already started generating revenue for the bank. Though it didn’t divulge a dollar figure, JPMorgan had already set a target of $1 billion in “business value” produced entirely by AI in 2023.
The firm even increased that goal to $1.5 billion at its investor day in May, according to Bloomberg.
Strides in productivity at the hand of AI doesn’t mean JPMorgan will be slashing its headcount, Teresa Heitsenrether, the bank’s chief data and analytics officer, assured at the time.
There are still risks to the tech, she warned at the inaugural Evident AI Symposium event in New York City.
“Its about making sure we are staying safe, well controlled, and focusing on the things that add the impact we hope to have,” she said. It also has the potential for significant dislocation of talent. Technological innovation is normal, and the industry will adjust, Heitsenrether said, per Bloomberg.
JPMorgan chief Jamie Dimon has been bullish on the future of AI to increase productivity while reducing costs — so much so that the boss of the largest US bank said that AI’s rapid enhancement could pave the way for a 3.5-day work week.
Cutting back on working hours may also enable people to live to 100 and make cancer a thing of the past, Dimon said in an interview with Bloomberg TV in October.
The 67-year-old, whose net worth is pegged by Bloomberg at $2.4 billion, said AI is “critical to our company’s future success.”
Even so, the masterminds behind AI — including Elon Musk and OpenAI chief Sam Altman — have voiced concerns that the tech’s development could have dire consequences on the human race.
Last year, Muck endorsed a six-month pause on AI research, separately warning that there’s a “non-zero chance” that AI could “go Terminator” on humanity.
Altman — a self-admitted doomsday prepper who once bragged about his stash of guns, gold and other survival goods — also warned that AI poses a “risk of extinction” to humanity on par with nuclear weapons and pandemics.
