Maybe no new banking businesses from AI yet:
“It is a long, expensive and risk-constrained transformation,” Wells Fargo analyst Mike Mayo wrote in a note to investors last week. “Indeed, we can’t find one extremely noteworthy new product or service from AI in these very early days (it’s been a little boring from a product standpoint).”
But, when it comes to running the bank:
Jamie Dimon, the CEO of JPMorgan, the biggest U.S. bank, told Bloomberg last October the bank’s annual AI-generated savings of $2 billion is about equal to what it spends yearly on the technology.
And:
BofA has said AI-powered virtual assistant Erica handles the work of about 11,000 people, and all 18,000 of the bank’s software developers use coding agents to optimize the development process, boosting productivity by about 20%. The bank has also rolled out Salesforce’s Agentforce, which enables the creation of AI agents to handle tasks, to 1,000 financial advisers, Athanasia said. “It is a long, expensive and risk-constrained transformation,” Wells Fargo analyst Mike Mayo wrote in a note to investors last week. “Indeed, we can’t find one extremely noteworthy new product or service from AI in these very early days (it’s been a little boring from a product standpoint).”
But, when it comes to how you run the bank:
Jamie Dimon, the CEO of JPMorgan, the biggest U.S. bank, told Bloomberg last October the bank’s annual AI-generated savings of $2 billion is about equal to what it spends yearly on the technology.
And:
BofA has said AI-powered virtual assistant Erica handles the work of about 11,000 people, and all 18,000 of the bank’s software developers use coding agents to optimize the development process, boosting productivity by about 20%. The bank has also rolled out Salesforce’s Agentforce, which enables the creation of AI agents to handle tasks, to 1,000 financial advisers, Athanasia said.