JPMorgan is already visualizing artificial intelligence-backed services as the future of the workforce. Its current cash flow tool powered by AI has reduced human work by 90%.
Upon launching the Cashflow Intelligence tool in 2023, the company has found that its efficiency has decreased the need for human personnel for the 2,500 corporate clients the solution serves. While it is a free service, JPMorgan hopes its continued productivity and success will allow it to charge for the tool, per a Bloomberg report.
The AI tool helped its clients create cash flow forecasts and analyses, which are typically conducted manually by experienced personnel. Tony Wimmer, the head of data and analytics at JPMorgan’s wholesale payments unit, told the news outlet that the work is “very complex.”
“Cash flow forecasting is very complex, and you need a lot of judgment,” Wimmer said. “I’m a firm believer that components of machines enhanced by humans will not go away for a long time.”
While the solution is promising, human input is still needed to manage the liquid funds. Regardless, Wimmer is still optimistic about the benefits of its AI-inclusive future.
“We’re going to keep investing into this solution because we see we’re really starting to crack this workflow,” expressed Wimmer.
The newly added feature is also not exclusive to the financial company. Its advanced cash flow tool is one of many in the market, including Bank of America’s CashPro, which tracks cash flows for free as well, as reported by Entrepreneur.
The largest U.S. bank is still betting on the payoff of incorporating advanced technologies to improve its workflow. JPMorgan’s CEO Jamie Dixon stated in October 2023 that he anticipates AI to lead to a shorter work day for human employees, estimating its decrease to 3.5 days a week within the upcoming decades. JPMorgan also set new goals for AI’s profitability within the company, projecting $1.5 billion in business value for last year.
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