Global banking giant JPMorgan Chase & Co. (NYSE:JPM) has revealed that its AI Cash Flow Intelligence tool has significantly decreased manual human labor by nearly 90% for some of its corporate clients.
What Happened: The AI tool, which was introduced last year, has been employed by approximately 2,500 clients. The tool has been so successful that the bank is contemplating charging for its use in the future, reported Bloomberg.
Tony Wimmer, the head of data and analytics at JPMorgan’s wholesale payments unit, stated, “Cashflow forecasting is very complex and you need a lot of judgment.”
Wimmer, who manages a team of about 300 data scientists and engineers, is confident that “machines enhanced by humans will not go away for a long time.”
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The AI tool, referred to as “an intuitive AI interface” on JPMorgan’s analytics and insights solutions page, analyzes, sorts, and categorizes company cash flows, helping clients in generating forecasts.
Other major banks, including Bank of America and RBC, also provide similar AI tools.
JPMorgan CEO Jamie Dimon has previously forecasted that the next generation will likely work 3.5 days per week due to advancements in AI technology.
Why It Matters: The success of JPMorgan’s AI tool indicates a broader trend in the banking industry.
OpenAI-backed Klarna, a Swedish buy-now-pay-later (BNPL) company, reported that its AI assistant had over 2.3 million conversations, accounting for two-thirds of its customer service chats in its first month.
The AI assistant performed the equivalent work of 700 full-time agents and achieved a customer satisfaction score on par with human agents.
This suggests that AI tools are improving efficiency and maintaining, if not enhancing, customer satisfaction levels.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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