ETtechJP Morgan Chase & Co, the world's largest bank by market capitalisation, is betting big on Indian-built AI capabilities to improve its global digital banking.
The Wall Street powerhouse has about 400 AI use cases in production, its chief data and analytics officer Teresa Heitsenrether told ET.
Currently, the use cases are in areas such as marketing, fraud, and risk management and a lot of the newer capabilities are built from India, Heitsenrether said during her recent visit to the country.
For the financial services institution with $4 trillion assets as on December 2024, GenAI for now is being used for improving internal output and productivity.
"We're observing productivity gains of about an hour or two per week for employees actively using these tools...Currently, it is creating efficiencies for employees in their day-to-day work," said Heitsenrether. She says the bank has developed a large language model (LLM) platform, which is currently used by over two-third of its total three lakh employees globally. With a strong technology presence in India, the US-headquartered bank has one-third of its around 63,000 technologists across Mumbai, Hyderabad, Bengaluru and Pune, creating solutions to aid cloud computing, integrating AI and improve digital banking.
Heitsenrether said that the bank aims to continue to spend $17 billion annually on technology and currently has a central team of more than 2,000 AI/ML (machine learning) experts and data scientists.
Heitsenrether noted that AI models are becoming better at doing more complex and orchestrated type of workflow. "I think that's where you start to see a lot more value be unlocked."
Besides internal productivity, the technologist banker pointed out, "The second part where we see the next horizon of value, where we start to see more differentiation, is where you can use these models that have wonderful, generalised capabilities and marry them with some JP Morgan data."
Over the last one year, JP Morgan has rolled out AI tools for its private banking, asset management and consumer and community banking businesses.
The Wall Street powerhouse has about 400 AI use cases in production, its chief data and analytics officer Teresa Heitsenrether told ET.
Currently, the use cases are in areas such as marketing, fraud, and risk management and a lot of the newer capabilities are built from India, Heitsenrether said during her recent visit to the country.
For the financial services institution with $4 trillion assets as on December 2024, GenAI for now is being used for improving internal output and productivity.
"We're observing productivity gains of about an hour or two per week for employees actively using these tools...Currently, it is creating efficiencies for employees in their day-to-day work," said Heitsenrether. She says the bank has developed a large language model (LLM) platform, which is currently used by over two-third of its total three lakh employees globally. With a strong technology presence in India, the US-headquartered bank has one-third of its around 63,000 technologists across Mumbai, Hyderabad, Bengaluru and Pune, creating solutions to aid cloud computing, integrating AI and improve digital banking.
Heitsenrether said that the bank aims to continue to spend $17 billion annually on technology and currently has a central team of more than 2,000 AI/ML (machine learning) experts and data scientists.
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Heitsenrether noted that AI models are becoming better at doing more complex and orchestrated type of workflow. "I think that's where you start to see a lot more value be unlocked."
Besides internal productivity, the technologist banker pointed out, "The second part where we see the next horizon of value, where we start to see more differentiation, is where you can use these models that have wonderful, generalised capabilities and marry them with some JP Morgan data."
Over the last one year, JP Morgan has rolled out AI tools for its private banking, asset management and consumer and community banking businesses.
