JPMorgan Chase has introduced a generative AI assistant to tens of thousands of employees, as part of a larger plan to integrate the technology across the company.
The AI tool called LLM Suite is available to over 60,000 employees and assists with tasks like writing emails and reports. The software aims to be as widespread as Zoom.JPMorgan designed LLM Suite to access external large language models, launching it with OpenAI’s model.
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Teresa Heitsenrether, JPMorgan’s chief data and analytics officer said:
“Ultimately, we’d like to be able to move pretty fluidly across models depending on the use cases.”
“The plan is not to be beholden to any one model provider.”
The move highlights the rapid adoption of generative AI by American corporations since ChatGPT’s debut in late 2022.
Morgan Stanley has also released OpenAI-powered tools for advisors, and Apple is integrating OpenAI models into its devices.
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JPMorgan CEO Jamie Dimon likened the impact of this technology to electricity, the printing press, and the internet, predicting it will “augment virtually every job” at the bank, which employs about 313,000 people. More than a year after restricting ChatGPT use to protect data, JPMorgan now offers employees OpenAI’s ChatGPT within a secure framework.
She said:
“Since our data is a key differentiator, we don’t want it being used to train the model,”
LLM Suite is used across JPMorgan’s consumer division, investment bank, and asset management, aiding in tasks such as document summarization and problem-solving.
The bank is testing various AI uses, including creating marketing content, planning travel itineraries, and summarizing meetings
Engineers can also integrate functions from external AI models into their programs.
JPMorgan’s shift to generative AI, following a decade of traditional AI use, was prompted by ChatGPT’s capabilities.
Generative AI offers more applications due to its flexibility.
The bank is testing various AI uses, including creating marketing content, planning travel itineraries, and summarizing meetings.
AI also helps the consumer bank with branch placement, assists call centers, and prevents fraud in the global payments business. The bank is cautious about using generative AI directly with customers due to the risk of misinformation.
Heitsenrether outlined three stages for AI evolution at JPMorgan: making models available to workers, boosting productivity with proprietary data, and eventually using AI as autonomous agents for complex tasks.
AI will likely transform the workforce, empowering some and displacing others. Banking jobs are most prone to automation, and AI could potentially increase sector profits by $170 billion in four years.
Heitsenrether said “People should consider generative AI like an assistant,”, focusing on high-value work while AI handles mundane tasks.
