JPMorgan Chase & Co. CEO Jamie Dimon is leading the bank towards a major expansion in the use of Artificial Intelligence (AI) for all its banking processes. Dimon believes that AI holds the same transformative power as the steam engine and the Internet, and he is eager to see its impact on trading, equity hedging, and customer service.

Dimon revealed that the bank is developing a new AI-powered chatbot called "ChatJPM" to help customers plan their finances. The chatbot will provide personalized financial advice based on user data and historical successes. While Dimon acknowledges that the bank can already offer some financial planning, he expects the technology to become more sophisticated over time.

In addition to improving customer service, JPMorgan is using AI to enhance internal operations and employee productivity. Dimon believes that AI will become a co-pilot for almost all bank processes, from communicating with customers to performing complex financial operations. This integration will improve efficiency and free up human workers to focus on more fulfilling tasks, leading to increased job satisfaction and productivity.

However, Dimon recognizes that AI advances may lead to job losses. To address this concern, the bank is investing in upskilling programs and creating new roles to support AI and data management. This approach will help balance technological progress with workforce maintenance.

JPMorgan's investment in AI is already paying off, with new revenue streams emerging from the technology. The bank has identified over 400 use cases for AI in various areas, including fraud detection, risk management, and marketing. A team of AI experts and data scientists is working on these possibilities, which are expected to significantly improve the bank's services and customer experiences.

Beyond financial gains, Dimon sees AI as a critical tool for societal progress. He compares its impact to historical technological milestones that have shaped industry and society. Dimon's vision for AI in banking goes beyond short-term financial gains and aims to fundamentally improve how financial services function and serve the world.