JPMorgan's AI-Aided Cashflow Model Can Cut Manual Work by 90%

JPMorgan helped some of its corporate customers slash manual work by almost 90% (alternative source) with its cashflow management tool that runs on AI, bringing the largest US bank one step closer to charging for this service. From a report: 'We are going to keep investing into this solution because we see that we're starting to really crack this workflow,' said Tony Wimmer, head of data and analytics at JPMorgan's wholesale payments unit, in an interview. Since launching about a year ago, his firm now has about 2,500 clients using the product, he said.

The tool, which allows corporate treasuries to analyse and forecast cash flows, has seen 'tremendous' interest from its clients who currently use it for free, Wimmer said. His firm is considering charging its customers in the future to use the solution, dubbed Cash Flow Intelligence. The world's biggest banks have been stepping up their use of artificial intelligence with the aim of lifting productivity and reducing costs. JPMorgan's Chief Executive Officer Jamie Dimon has said the technology could eventually allow employers to shrink the workweek to just 3.5 days. JPMorgan set a target of $1 billion in 'business value' generated by AI in 2023, and the firm increased that goal to $1.5 billion at its investor day in May.

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