JP Morgan is building on its efforts to automate value-added functions within its treasury services division. This part of the company, which is generally hidden behind closed doors, is a critical service for the bank, moving an average of $5 trillion daily according to CNBC.
A multi-billion dollar revenue source, which more-or-less follows a set of common functions or rules across potentially tens of thousands of accounts in multiple currencies owned by a single corporate client, this service is ripe for automation:
Today, users have to navigate through some of the website’s 1,200 pages to do such things as send wires or export data from multiple accounts to determine balances, he said. Soon, clients can simply ask the assistant for information on balances.
The AI program — which has yet to be given a name — learns from its users, seeing what questions they typically ask and patterns their actions, Tiede said. It will eventually be able to make recommendations: for example, call these 5 customers first because they are late on payments. The plan is for it to spread beyond desktop computers to mobile and voice-activated devices, he said.
The AI program – akin to a virtual assistant that can answer questions and anticipate needs – must learn user behaviors before it becomes a viable alternative for JP Morgan and its clients. To help improve the usability of the tool, JP Morgan is piloting the project with a handful of clients from across a range of industries.