Revolutionizing Banking and Finance with AI, Shrinking the Work Week and Reworking Jobs

The potential to obliterate banking and finance with AI slashes work weeks, boosts efficiency, and disrupts jobs while worrying about cyber risks and ethical use.

JPMorgan CEO Jamie Dimon is upbeat about the future of AI in banking and finance, and dismisses fears the technology will bring about the end of humanity. AI will massively help businesses, says Dimon, with employees working less hours — maybe only three and a half days a week instead of five. Automation makes it possible for this to happen; AI takes on tasks that could eat up 70 percent of employees of their time.

AI has the potential, Dimon says, to make future generations work fewer hours, meaning such a generation will work towards higher productivity and higher living standards. And he predicts it may be possible to live to 100, and possibly even longer, as technology advances. Already the banking and finance industry, including JPMorgan, has started to use AI for error detection, trading, research and risk management.

Dimon acknowledges the cyber risks of AI, though, and theirs echoes concerns raised by other tech giants such as Apple's Steve Wozniak and Microsoft's Bill Gates. The dangers are that AI could be used in cyber warfare or some other malicious activity, he says.

Along with that, Dimon notes that while AI might circumvent jobs, new employees that are affected by technology advancements will be redeployed, as JPMorgan did following the First Republic acquisition. As with Dimon, the banking and finance sector is looking at AI as an opportunity for growth, but also as a disruptor, among the banking and finance sector.