JP Morgan Chase & Co says machine learning saves its 240,000+ employees time so they can work on projects of higher value. Read our reaction to this proclamation below.
Futurism's article highlights JP Morgan Chase's COIN program that runs on a machine learning system. COIN is part of the bank's initiative to create new tools for its bankers and clients. It has shortened the time it takes to review loan documents and decreased the number of loan-servicing mistakes. The bank doesn't see its move towards automation as a cause of unemployment, but instead sees it as a time saver so employees can focus on higher-value things.
We agree 100% with JP Morgan Chase because we are AI's biggest advocates for this very reason: it saves people time so they can do the things they love. AI enables the cooking enthusiast restaurant owner to spend more time concocting recipes, or the marketing manager with a design background to be more creative on that upcoming campaign. Although this article happens to focus on how the biggest bank in the United States leverages AI, AI doesn't discriminate. It has the potential to save businesses as small as a food truck time and money.