For its corporate clients, JPMorgan offered a complimentary Cash Flow Intelligence AI product last year. Some clients have reported a nearly 90% reduction in manual labour thanks to the technology, according to a recent Bloomberg story.
Approximately 2,500 clients are effectively utilising the AI technology. In the future, JPMorgan could think of charging for it.
"Cashflow forecasting is very complex and you need a lot of judgment," Tony Wimmer, the head of data and analytics at JPMorgan's wholesale payments unit, told Bloomberg.
As the leader of a group of over 300 data scientists, engineers, and other experts, Wimmer is adamant that human-machine cooperation will continue for some time to come.
The AI tool is marketed as "an intuitive AI interface" by JPMorgan's analytics and insights solutions website, and it is capable of analysing, sorting, and classifying business cash flows.
In addition to these essential features, the programme gives users the ability to create predictions, providing a complete solution for managing and streamlining their financial operations.
Jamie Dimon, CEO of JPMorgan Chase, predicted in October that the next generation would probably work 3.5 days per week thanks to artificial intelligence, and the company plans to generate $1.5 billion in business value with AI by 2023.
