OpenAI's ChatGPT is powering the AI assistants that JPMorgan Chase is giving its employees.

• The bank has introduced a generative AI assistant to its employees, marking the beginning of a plan to integrate the technology across the organization.
• Over 60,000 employees are currently utilizing the program known as LLM Suite to assist with tasks such as composing emails and creating reports.
• According to sources, the software is anticipated to become as widespread in the bank as the video conferencing platform Zoom in the future.
• The LLM Suite, launched by JPMorgan, is a portal that enables users to access external large language models, including OpenAI's ChatGPT, said sources.

The financial giant has recently introduced a generative artificial intelligence assistant to tens of thousands of its employees, marking the beginning of a broader plan to integrate the technology across the organization.

The LLM Suite software, which assists employees with tasks such as writing emails and reports, is currently being used by more than 60,000 individuals and is predicted to become as widely used within the bank as Zoom, according to sources.

JPMorgan created LLM Suite as a platform for accessing external large language models, including OpenAI's LLM, and launched it with ChatGPT, according to sources.

"Teresa Heitsenrether, JPMorgan's chief data and analytics officer, stated in an interview that the ultimate goal is to be able to move seamlessly between models based on specific use cases. The objective is not to be tied to any particular model provider."

Since the emergence of ChatGPT in late 2022, generative AI has swiftly taken over American corporations, as evidenced by JPMorgan's move to adopt the technology. In response, a rival bank has already introduced OpenAI-powered tools for its financial advisors. Moreover, a consumer tech giant announced in June that it was integrating OpenAI models into the operating systems of millions of its devices, significantly expanding its customer base.

JPMorgan CEO Jamie Dimon stated in April that the technology, which some consider a "Cognitive Revolution" that will automate tasks previously done by knowledge workers, could be as significant as the advent of electricity, the printing press, and the internet.

Dimon stated that virtually every job at the bank will be augmented. JPMorgan had approximately 313,000 employees as of June.

ChatGPT ban

JPMorgan has been using OpenAI's ChatGPT in a JPMorgan-approved wrapper for more than a year, despite initially restricting employees from using it. This is because JPMorgan wanted to keep its data secure and prevent exposure to external providers, Heitsenrether explained.

"We've implemented our data in a way that allows us to leverage the model while protecting it."

The LLM Suite has been widely adopted by the bank, with various departments utilizing it in their consumer division, investment bank, and asset and wealth management business. The tool can assist employees in tasks such as document writing, summarizing long documents, problem-solving with Excel, and generating creative ideas.

The first step in getting the technology on employees' desktops is to promote it, according to Heitsenrether, who was promoted in 2023 to lead the bank's adoption of the red-hot technology.

"To demonstrate the capabilities of prompt engineering in their respective domains, individuals must be taught how to apply it effectively. As more individuals delve deeper into the subject and understand its strengths and limitations, the potential for growth and innovation becomes increasingly apparent."

She stated that the bank's engineers can utilize LLM Suite to directly incorporate external AI model functions into their programs.

'Exponentially bigger'

JPMorgan has been focusing on traditional AI and machine learning for over a decade, but the emergence of ChatGPT prompted a shift in its approach.

While traditional AI focuses on specific tasks like pattern recognition and prediction based on historical data, generative AI aims to create patterns through training on vast data sets, resulting in human-sounding text or realistic images.

The number of uses for generative AI is "exponentially greater" than previous technology due to the flexibility of LLMs, Heitsenrether stated.

The bank has already put some AI cases into production and is currently testing various forms of AI.

She stated that JPMorgan is employing generative AI to produce marketing content for social media platforms, plan travel itineraries for clients of the acquired travel agency in 2022, and summarize meetings for financial advisors.

Heitsenrether stated that the consumer bank employs AI to analyze satellite images and assist call center personnel in quickly locating answers.

The global-payments business of the firm, which handles over $8 trillion daily, uses AI to prevent fraud worth hundreds of millions of dollars, according to her.

Heitsenrether stated that the bank is being more cautious with generative AI that directly interacts with individual customers due to the risk of chatbots providing incorrect information.

According to her, the generative AI field may eventually have "five or six major foundational models" that will dominate the market.

The bank is considering integrating LLMs from both U.S. tech giants and open source models into its portal, according to unnamed sources discussing the bank's AI strategy.

Friend or foe?

Heitsenrether charted out three stages for the evolution of generative AI at JPMorgan.

The first step is to make the models accessible to employees, while the second involves incorporating proprietary JPMorgan data to enhance productivity, which is currently being implemented at the company.

The third is a significant leap that would result in substantial productivity gains when generative AI is capable of functioning as independent agents that execute intricate multistep tasks. This would enable employees to function like managers with AI assistants at their disposal.

The technology may benefit some employees while replacing others, altering the industry's makeup in unforeseen ways.

The banking industry is the most susceptible to automation among all sectors, including technology, healthcare, and retail, according to Accenture. AI has the potential to increase the industry's profits by $170 billion in just four years, analysts predict.

Heitsenrether stated that generative AI should be viewed as an assistant that relieves us from tedious tasks, allowing us to receive answers without having to sift through spreadsheets.

"You can focus on the higher-value work," she said.

— CNBC's Leslie Picker contributed to this report.