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JPMorgan Chase is revolutionizing its workforce by introducing a cutting-edge AI assistant, powered by OpenAI’s ChatGPT, for 60,000 employees, setting a new standard in banking innovation.
JPMorgan Chase Introduces AI Assistant for 60,000 Employees
In recent weeks, JPMorgan Chase began rolling out a generative AI assistant to tens of thousands of workers, marking the first step in a larger strategy to integrate the technology across the expansive financial behemoth.
According to CNBC, more than 60,000 employees have access to the tool, which is called LLM Suite, and it helps with things like producing reports and emails. According to CNBC's sources, the software is slated to become as commonplace in the bank as Zoom, a videoconferencing program.
OpenAI's ChatGPT Powers JPMorgan's New AI Tool
According to the folks in the know, JPMorgan partnered with OpenAI's LLM, the creator of ChatGPT, to produce LLM Suite, an interface that lets customers access external big language models, the complicated algorithms that support generative AI technologies.
“Ultimately, we’d like to be able to move pretty fluidly across models depending on the use cases,” JPMorgan's chief data and analytics officer, Teresa Heitsenrether, stated during an interview. "The plan is not to be beholden to any one model provider."
JPMorgan Leads Banking Industry's AI Revolution
The swift adoption of generative AI by American firms since ChatGPT's introduction in late 2022 is demonstrated by this move by JPMorgan, the largest U.S. bank by assets. Morgan Stanley, a competitor in the banking industry, has previously introduced two products for financial advisors powered by OpenAI.
Apple, the consumer electronics behemoth, announced in June that it was adding OpenAI models to the operating system of hundreds of millions of its consumer gadgets, significantly increasing its reach.
Jamie Dimon: AI May Be as Revolutionary as Electricity
In April, JPMorgan CEO Jamie Dimon stated that the technology, which is being referred to as the "Cognitive Revolution" by some, might be just as significant as the invention of electricity, the printing press, and the internet.
According to Dimon, it will most certainly "augment virtually every job" at the bank. As of June, the number of employees at JPMorgan was at 313,000.
Data Security Remains a Priority in JPMorgan's AI Rollout
More than a year after limiting staff access to ChatGPT, the bank is now providing the amounts to OpenAI's ChatGPT wrapped in a JPMorgan-approved package. Heitsenrether stated that this is due to JPMorgan's reluctance to share its data with third-party vendors.
“Since our data is a key differentiator, we don’t want it being used to train the model,” she stated. “We’ve implemented it in a way that we can leverage the model while still keeping our data protected.”
