JPMorgan helped some corporate clients reduce manual work by almost 90% (alternative source) With the help of an AI-powered cash flow management tool, America's largest bank is one step closer to charging for the service. From the report: “We're going to continue to invest in this solution because we're seeing that we're really starting to disrupt this workflow,” Tony Wimmer, head of data and analytics for JPMorgan's wholesale payments division, said in an interview. Told. Since launching about a year ago, his company says it now has about 2,500 customers using the product.
Wimmer said the tool, which allows corporate finance departments to analyze and predict cash flow, has seen “tremendous” interest from customers, who are currently using it for free. His company is considering charging customers in the future for using a solution called Cash Flow Intelligence. The world's largest banks are increasing their use of artificial intelligence to improve productivity and reduce costs. JPMorgan CEO Jamie Dimon said the technology could ultimately allow employers to shorten the work week to just 3.5 days. JPMorgan has set a goal of $1 billion in “business value” created by AI in 2023, and raised that goal to $1.5 billion at an investor day in May.