💵 JPMorgan reduces manual labor by 90 percent thanks to AI

💵 JPMorgan reduces manual labor by 90 percent thanks to AI

The tool, named Cash Flow Intelligence, is already used by about 2,500 customers. AI technology has the potential to shorten workweeks and contribute to medical advances, according to JPMorgan chief Jamie Dimon.

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  • JPMorgan has introduced an AI-driven tool that significantly reduces manual labor for corporate customers.
  • The tool, named Cash Flow Intelligence, is already used by about 2,500 customers.
  • AI technology has the potential to shorten workweeks and contribute to medical advances, according to JPMorgan chief Jamie Dimon.

AI-driven progress

JPMorgan has created an AI-driven software aimed at streamlining and improving workflows for corporate customers. The software, known as Cash Flow Intelligence, has dramatically reduced the amount of manual labor required to manage cash flows, by nearly 90 percent, writes New York Post.

This tool allows companies to analyze and predict cash flows with greater precision and efficiency.

Since its launch last year, the interest in Cash Flow Intelligence has been enormous, says JPMorgan. According to Tony Wimmer, head of data and analytics at JPMorgan's wholesale payments unit, the bank is now considering charging for the service due to its success.

A future with AI

JPMorgan's commitment to AI extends beyond just financial management. The company's CEO, Jamie Dimon, has expressed a strong belief that AI will not only improve productivity and reduce costs but also enable shorter workweeks. Dimon speculates that this technological progress could lead to people living to 100 years and even eradicate cancer.

The bank has over 150 data scientists and engineers working to refine its machine learning solutions.

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