JPMorgan's AI tools boost sales and streamline client interactions during market turmoil

JPMorgan Chase’s artificial intelligence tools have made it easier for the bank to boost sales to its wealthy clients and also helped manage the myriad requests from anxious customers during April’s market turmoil.

Mary Callahan Erdoes, CEO of Asset and Wealth Management at the banking giant, said the bank’s AI capabilities enabled bankers to more quickly provide much-needed research and investment advice.

That was particularly useful during a month when U.S. tariff announcements sent stock markets plummeting and left many investors seeking guidance.

Erdoes said the AI tools enabled advisors to quickly respond to client inquiries by spotting patterns in their trading and predicting the questions they were about to ask.

“When you have a tool that pre-populates all the data… it also allows advisors to do much more,” she said, according to a Bloomberg report.

The Coach AI tool, which is used by private client advisers, has enabled the bank to retrieve information 95% more quickly, enabling advisers to spend more time on meaningful interactions with clients, according to Mike Urciuoli, the bank’s chief information officer.

The AI applications are expected to help advisers expand their rosters by 50% over the next three to five years and contribute to a 20% increase in gross sales between 2023 and 2024.

JPMorgan’s technology budget was $17 billion last year and the bank plans to increase the number of applications it uses powered by artificial intelligence from 450 to 1,000 by next year.

The GenAI toolkit is now in use by more than 200,000 employees at the bank, with more than half of those using it on a daily basis. The bank is aiming to democratise access to the technology within its workforce.

Recent initiatives have saved the bank close to $1.5 billion through a variety of efficiencies.