Jamie Dimon highlights the benefits and challenges of AI in the banking sector and its influence on the future of work
JPMorgan CEO Jamie Dimon said that artificial intelligence (AI) is already used by thousands of employees at his bank and will probably bring dramatic improvements in workers’ quality of life, even if it eliminates some jobs.
“Your children will live to be 100 and they won’t get cancer because of technology,” Dimon said in an interview with Bloomberg TV on Monday. “And they’ll probably work three and a half days a week.”
Dimon, who called AI “critical to the future success of our company”, has previously said that the technology can be used to help the bank develop new products, boost customer engagement, increase productivity and improve risk management.
The New York-based bank advertised more than 3,500 AI-related vacancies between February and April, according to data from consultancy Evident.
Dimon dedicated an entire section to AI in his letter to shareholders this year, highlighting JPMorgan’s efforts, which include more than 300 uses of the technology already underway, which he called “an absolute necessity”.
Even with the positive aspects of AI, the technology presents risks, Dimon said.
“Technology has done amazing things for humanity, but, you know, airplanes crash, pharmaceuticals are misused – there are downsides,” he said. “The biggest downside, in my opinion, is AI being used by bad people to do bad things.”
The CEO said that AI may replace some jobs, but that has always been the case with new technologies.