We’re heading to financial services aided by AI, says JP Morgan senior executive

“Jamie Dimon, CEO of JPMorgan, wholeheartedly believes that artificial intelligence will change the way financial services are run in the coming years,” says Apoorv Saxena. “And that's not something they started with JPMorgan in the last two years.”

Saxena, who has been with JP Morgan for two years, currently serves as its Global Head of AI. He told Ron Friedman at Mind The Tech New York 2020 that JP Morgan has been expanding the uses of AI and including it in areas such as customer engagement, customer service, or personalized advertisements. The banking firm is also investigating how AI can change financial services applications at their core.

Saxena was also joined by Tal Slobodkin, Managing Partner at StageOne VC. The pair have actually known each other from their university days, and he explained how his fund examines its own investments in the field.

“Interesting technologies (like AI) can be used laterally, in different sectors, but also vertically,” Slobodkin said. “For example, there’s artificial intelligence for medicine, artificial intelligence for retail, artificial intelligence for salespeople. We then go inside and see what big problems we can help companies solve," he explained.

The pair were later asked about the ability to connect small startups that develop pinpoint solutions with giant companies, the likes of JP Morgan.

You can watch the entire exchange in the video above.