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The banking sector is not behind in taking advantage of Artificial Intelligence today. Banks are now focusing on developing the highest level technologies to boost their efficiencies and offer better experiences to their clients.
JPMorgan is one of the early adopters of AI and has been doing very well in its implementation. CEOs from across the globe have shared their opinions on AI being used in the banking sector. Here is what they have to say about it.
JPMorgan is one of the early adopters of AI and has been doing very well in its implementation. The CEO of JPMorgan Chase, Jamie Dimon, said in his annual letter to shareholders, “While we do not know the full effect or the precise rate at which AI will change our business — or how it will affect society at large — we are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing and the Internet, among others.”
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The CEO of Goldman Sachs, David Soloman, is excited about AI and its implementation in the banking world. He sees a huge potential in it and is making efforts to incorporate it in their functioning.
He said, “As we look longer term, to the extent that this technology develops in line with expectation, there will be significant demand for AI-related infrastructure, and as a result, financing, which will be a tailwind to our business. For our own operations, we have a leading team of engineers dedicated to exploring and applying machine learning and artificial intelligence applications. We are focused on enhancing productivity, particularly for our developers and increasing operating efficiency, while maintaining a high bar for quality, security and controls. Like with any emerging technology, a thoughtful approach and keen eye on risk management will be crucial.”
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Regarding the potential advantages of AI for the massive investment banking company BlackRock and the economy at large, CEO Larry Fink adopted a wide and pragmatic approach. He emphasized how AI can increase productivity improvements, which would support salaries and help control inflation in the United States.
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He said, “We continue to be investing in AI, our most recent experience of having $2.5 trillion more assets with the same head count is a real good indication of how we are trying to drive more efficiencies, more productivity. I think this is critical. We’re going to bring down inflation in America, this is how it’s going to have to be done, driven through technology and which will increase more productivity. And overall, it actually through that process, will continue to drive more productivity. What it also means is rising wages, so people do more and the whole organization is doing more with less people as a percent of the overall organization. That is really our ambition.”
