Jpmorgan Chase Bank bets on artificial intelligence

JPMorgan Chase, the largest United States bank, hired Apoorv Saxena last August to lead its AI and machine learning services division in California. Industry insiders believe the move means JPMorgan will bet on artificial intelligence to shape the bank’s future strategy.

Apoorv Saxena was previously head of product management for Google cloud services and artificial intelligence solutions, according to her resume. At jpmorgan, he also oversees asset management and artificial intelligence technology.

Apoorv Saxena believes AI will help financial companies expand their banking penetration around the world, launch new products, and enhance customer interaction.

In the past, AI has helped tech companies and non-banks break into financial services, such as mobile banking and digital currencies. But Apoorv Saxena also points out that only companies that can win the trust of their customers, meet regulatory compliance requirements, and enhance the customer experience can be among the top ranks, while regulations must quickly adapt to the impact of AI and help the industry create room for growth. The United States could learn some useful lessons from other countries, such as China, which are currently promoting AI innovation.

Apoorv Saxena said JPMorgan was investing heavily in AI research. His current focus is on building an “elite team” to lead JPMorgan’s AI program.