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JPMorgan Says Its AI Cash Flow Software Cut Human Work By Almost 90% The company has roughly 2,500 clients using the AI-backed tool — and it could soon charge for the service based on its success.

By Sherin Shibu

Key Takeaways

  • JPMorgan set a goal to generate $1.5 billion in business value with AI in 2023.
  • The company launched a free cashflow intelligence AI tool for its corporate clients that impacted manual work at some firms.
  • JPMorgan's analytics and insights solutions page mentions the tool as "an intuitive AI interface."

JPMorgan launched a free Cash Flow Intelligence AI tool last year for its corporate customers, and now the bank says the tool has helped some of them cut human-oriented manual work by close to 90%, according to a Bloomberg report.

About 2,500 unnamed clients use the AI tool, which makes it successful enough that JPMorgan may start charging for it one day, according to that same report.

"Cashflow forecasting is very complex and you need a lot of judgment," Tony Wimmer, the head of data and analytics at JPMorgan's wholesale payments unit, told Bloomberg.

Wimmer, who leads a team of about 300 data scientists, data engineers, and other employees, is still a "firm believer" that "machines enhanced by humans will not go away for a long time."

Related: The Evolution of AI In Safeguarding Financial Transactions

JPMorgan's analytics and insights solutions page mentions the tool as "an intuitive AI interface" that analyzes, sorts, and categorizes company cash flows. It can also help clients create forecasts.

Other big banks have AI tools too. Bank of America has an AI CashPro forecasting tool that keeps track of cash flows for free, and RBC offers a similar tool called NOMI.

Related: How AI Is Becoming a Game-Changer in Startup Fundraising

Jamie Dimon, CEO of JPMorgan Chase. Credit: Tom Williams/CQ-Roll Call, Inc via Getty Images

JPMorgan CEO Jamie Dimon predicted in October that the next generation will probably be working 3.5 days per week thanks to AI. The company set a goal to generate $1.5 billion in business value with AI in 2023.

Sherin Shibu

Entrepreneur Staff

News Reporter

Sherin Shibu is a business news reporter at Entrepreneur.com. She previously worked for PCMag, Business Insider, The Messenger, and ZDNET as a reporter and copyeditor. Her areas of coverage encompass tech, business, strategy, finance, and even space. She is a Columbia University graduate.

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