JPMorgan is investing in an AI-focused venture

By:
on Jul 29, 2023
Listen
  • JPMorgan Chase & Co reveals an AI focused partnership with TIFIN.
  • Artificial intelligence was a $220 million benefit to its revenue last year.
  • JPMorgan stock is currently up nearly 17% versus the start of 2023.

Follow Invezz on Telegram, Twitter, and Google News for instant updates >

JPMorgan Chase & Co (NYSE: JPM) has partnered with TIFIN as part of its commitment to exploring the potential of artificial intelligence in financial services.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

Here’s what we know so far

Copy link to section

On Friday, the multinational revealed plans of investing in TIFIN.AI – a new venture aimed at developing the second group of artificial intelligence based financial technology companies.

Note that TIFIN has a strong history of building fintechs since 2018. The press release it published today reads:

Tifin.AI embodies TIFIN and JPMorgan’s common vision that AI is set to become an integral component of every wealth and asset management interaction.

Earlier this year, JPMorgan was reported working on an AI tool similar to ChatGPT (read more). Shares of the investment bank are up nearly 17% for the year at writing.

JPMorgan to drive value via AI

Copy link to section

The news arrives shortly after JPMorgan Chase & Co reported solid results for its second financial quarter on the back of higher interest rates.

In the earnings presentation, Lori Beer – its Chief Information Officer told analysts that the bank wants to tap on artificial intelligence to deliver $1.0 billion of business value in 2023.

AI was a $220 million benefit to its revenue last year. Since then, JPM has increase the related use cases by over 34%, she added. According to the press release on Friday:

By leveraging the power of AI, many more professionals and individuals can now harness valuable insights and recommendations, empowering them to make informed financial decisions.

JPMorgan Chase & Co USA AI Finance & Banking North America Stock Market World