JPMorgan Chase & Co. has announced the launch of a new generative artificial intelligence (AI) tool, designed to enhance productivity and support for employees in the asset and wealth management division, named LLM Suite, intended to function as a research analyst, providing information, solutions, and advice to users.

The LLM Suite, JPMorgan’s customized version of OpenAI’s ChatGPT, will be available to a significant number of employees within the division. The AI tool is capable of assisting with various tasks, including writing, idea generation, problem-solving using spreadsheets, and summarizing documents.

Jamie Dimon, CEO, JPMorgan, has emphasized the transformative potential of the technology, comparing its significance to that of the steam engine or the internet. Dimon stated that AI would be integrated into every aspect of the bank’s operations, including trading, research, equity hedging, and customer service.

The banking industry has been increasingly exploring AI technologies over the past year, motivated by the potential for increased productivity and cost reduction. A report by Citigroup projected that AI could contribute $170 billion to the banking sector by 2028, though it also highlighted that AI could automate 54% of roles in the industry, potentially leading to significant job displacement.

Citigroup has announced plans to equip its 40,000 coders with the tools to experiment with various AI technologies and is currently using generative AI to analyze extensive regulatory proposals. Similarly, Deutsche Bank AG employs AI to evaluate wealthy client portfolios, while ING Groep NV uses it to identify potential defaulters.

Generative AI is increasingly being adopted across financial institutions, with one of its primary applications being customer service and support, both for fintech startups and established banking giants.

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