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AI

JPMorgan's AI-Aided Cashflow Model Can Cut Manual Work by 90% (bloomberg.com) 29

Posted by msmash from the shape-of-things-to-come dept.
JPMorgan helped some of its corporate customers slash manual work by almost 90% (alternative source) with its cashflow management tool that runs on AI, bringing the largest US bank one step closer to charging for this service. From a report: "We are going to keep investing into this solution because we see that we're starting to really crack this workflow," said Tony Wimmer, head of data and analytics at JPMorgan's wholesale payments unit, in an interview. Since launching about a year ago, his firm now has about 2,500 clients using the product, he said.

The tool, which allows corporate treasuries to analyse and forecast cash flows, has seen "tremendous" interest from its clients who currently use it for free, Wimmer said. His firm is considering charging its customers in the future to use the solution, dubbed Cash Flow Intelligence. The world's biggest banks have been stepping up their use of artificial intelligence with the aim of lifting productivity and reducing costs. JPMorgan's Chief Executive Officer Jamie Dimon has said the technology could eventually allow employers to shrink the workweek to just 3.5 days. JPMorgan set a target of $1 billion in "business value" generated by AI in 2023, and the firm increased that goal to $1.5 billion at its investor day in May.
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JPMorgan's AI-Aided Cashflow Model Can Cut Manual Work by 90% More

JPMorgan's AI-Aided Cashflow Model Can Cut Manual Work by 90%

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  • Downward spiral (Score:5, Insightful)

    by RickyRay ( 73033 ) * on Wednesday March 06, 2024 @05:41PM (#64295636)

    Companies are using AI and robotics to leave everybody unemployed. They will soon wonder why their bankrupt former customers don't give them any money. Eventually, the bosses themselves will likewise be replaced by AI, since overpriced management is far easier to replace than skilled labor.

    • If the bosses were to be replaced by something cheaper, they would have been a long time ago. Fully functional magic-8-balls that could replace any CEO without any quality loss have been invented a long, long time ago.

    • Re: (Score:2)

      by ls671 ( 1122017 )

      Don't forget that "cash flow AI" will most likely accentuate the executives concentration on short term quarterly results with no long term planning like if that wasn't already a problem for many companies such as Boeing.

    • Companies are using AI and robotics to leave everybody unemployed. They will soon wonder why their bankrupt former customers don't give them any money. Eventually, the bosses themselves will likewise be replaced by AI, since overpriced management is far easier to replace than skilled labor.

      If a bank is starving to fiscal death due to the lack of business driven by unemployment, how exactly is “AI” is going to be the answer to replacing overpriced management?

      Not like those unemployed managers are suddenly going to become customers and drive business.

    • they own everything. The King didn't need to peasants to be customers, they were his property, just like everything else was.

      Nobody likes to admit we've got rulers. It's something you were told doesn't happen anymore, and you were told it when you were young and impressionable. So it's hard to face reality.

      • The King didn't need to peasants to be customers

        Funny thing, in 2020, companies were begging the government for money because the peasants weren't customers. They found very quickly that people not spending money means their companies can't exist.

        Too bad the peasants forgot that. People need to stop spending money. It's about sending a message. Companies work for us. Without us, they don't exist.

    • All probably true, but this is something akin to clearing out the typing pool. That is, a big business has a handful of people who "do cashflow". They work out how much money needs to be in any one bank account at any given moment. Any spare money gets put to work in some way or other - some of that work is long term, some is short term. The cashflow folks job is to make sure there's as much money being made as possible, but that they can always cover their payments when they're due - so it's a juggling act

  • JP Morgan bots
    Imagine new cash flows now
    Then go bankrupt fast

  • I have visions of this will ushering in the utopian society where most people aren't burdened by toil, and are free to enrich their lives with leisure pursuits like creating and appreciating fine art and literature, or exploring intellectual interests.

    ::slaps the side of the visions monitor, the image flickers are re-aligns::

    Oh, sorry... this thing is janky. Actually it looks like all of humanity will eventually become doordash, lyft, or amazon drivers until robots take that over completely, at which poin

    • That only works until people realize that putting a bullet through some CEO heads means free room and boarding for life without any quality of life loss.

      • Not really. The GOP exists in its current form because they have an entire media wing that has convinced gullible people to be aggressively outraged at:
        A 'death' tax that they can never benefit from because the right wing media owning class will never allow it.
        Be angry at and attack the very idea of getting getting their basic needs met because sOcIaLiSm.
        Actively vote for a party and its policies that actively pursues destroying the one thing that can help them get better pay; unions

        There are other exa

        • I am not exactly against Trump winning. If anything, populists crapping all over their country usually meant that anyone with half a brain and a useful skill set went and tried to move to a country that's less shitty. Worked for Turkey, worked for Poland, worked for Hungary, why shouldn't it work for the US?

          Every country in Europe has a really huge demand in skilled labor. Move across the pond, we have (mostly) sane governments here.

  • We already saw from the "Mr Bates vs The Post Office" that poorly managed IT, backed by a beaurocracy (and private firm) that doesn't want to admit blame, can lead to catastrophic consequences for people.

    What kind of AI is this? Generative? If so, we already know it generates total bullshit. How is that *not* going to ruin people's lives when it comes to dealing with money?

  • short term (Score:5, Insightful)

    by liquidpele ( 6360126 ) on Wednesday March 06, 2024 @06:00PM (#64295712)
    Sure, I bet just about any half-baked analysis could generate a bunch of short-term results to making cuts... that's stupid in most cases though, the only reason this is being entertained is they strapped "AI" onto the stupid product. I'd wager $100 that it barely even uses AI.
    • or LLMs. The thing "AI" has done is convince every CEO on the planet that automation works. And now they're looking top to bottom for every job they can automate away.

      LLMs are going to be a huge revolution, but equal to that is a massive push to automate now that CEOs are looking for all those things you've known for years you could write a script for.

      • In the movie "Real Genius", at the beginning of the college year, students and teachers all show up in the big lecture hall. A running joke through the movie is that as the semester progresses, fewer and fewer students show up, replaced by their tape recorders. Eventually, the professor is lecturing to a room of only tape recorders. Finally, there is just a tape player up front "speaking" to others. One can fantasize the scenario where eventually the board of directors replaces the CEO with an AI player

  • shrink workweek to 3.5 days - LIAR!! (Score:3)

    by sdinfoserv ( 1793266 ) on Wednesday March 06, 2024 @06:02PM (#64295722)
    It means Mr Dimon can shrink his work force by 30%. That's what it really means. What week days is the bank going close?

  • If they just had no customers at all, their operations would be even more efficient. Just like the most efficient computer is one that is imaginary, and powered off. It's not only 100% efficient at its job, it's 100% efficient on physical density.

  • AI managing cashflow? (Score:4, Insightful)

    by gweihir ( 88907 ) on Wednesday March 06, 2024 @06:43PM (#64295834)

    How stupid and greedy can you get?

  • "JPMorgan's Chief Executive Officer Jamie Dimon has said the technology could eventually allow employers to shrink the workweek to just 3.5 days."

    Or it could allow employers to give them more work to keep them busy for 5 days.

  • Cash flow management refers to the process of monitoring, analyzing, and optimizing the flow of cash into and out of a business or individual's finances. It involves tracking the timing and amounts of incoming and outgoing cash to ensure that there is enough liquidity to cover expenses, debts, and investments while maximizing opportunities for growth and profitability.

    basically: do I have enough cash in my wallet (or cash that I will receive) to cover what I want to buy this week? If you have more than you need, then you want that money to earn interest. Then, how long can you lock that cash up for in treasuries/CDs/etc - 1 day, 30 days, etc?

    • This is how I've been operating for decades. If I have money in my pocket, I'm planning on spending it. Otherwise, it sits in the bank until I need it.

      Can I claim prior art?

    • Re: (Score:2)

      by AvitarX ( 172628 )

      I think it's more "will there be enough cash next quarter to cover the loans and leave some to re invest/pay shareholders, or do I need to keep it in the bank".

      Not exactly cash flow, but I assume next is risk management. Like maybe tell Silicone Valley Bank that having all of your money in long term treasuries is actually extremely risky, because even thought the note is safe over the term, the current value can fluctuate (a lot).

      Cash flow predictions are an excellent application for machine learning, thoug

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