The Chairman and Chief Executive Officer of JP Morgan Chase, Jamie Dimion has asserted that artificial intelligence will have a positive impact on society.
Dimion remarked in his annual letter to shareholders released on Monday, where he chose AI as the first topic in his update on issues facing the biggest US bank by assets — ahead of geopolitical risks, recent acquisitions and regulation matters.
“We do not know the full effect of which AI will change our business, or how it will affect society at large, we are completely convinced that the consequences will be extraordinary.”
His focus on AI was first mentioned in his annual letter in 2017. The technology which has gained prominence since OpenAI’s ChatGPT became a viral sensation in 2022.
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JP Morgan now has more than 2000 AI and machine, learning employees and data scientists working on 400 applications of which fraud detection and risk control are inclusive.
He said the impact will be “possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing and the Internet.”
Dimon said: “Artificial intelligence may reduce job opportunities but it may as well create others.”
OpenAI has revealed a voice-cloning tool it has managed to come up with even though it pointed out that it plans to keep it tightly controlled until safeguards are in place to thwart audio fakes meant to dupe listeners.
Africa Today News, New York reports that the model called “Voice Engine” can essentially duplicate someone’s speech based on a 15-second audio sample, according to an OpenAI blog post sharing results of a small-scale test of the tool.
Disinformation specialists worry that the widespread availability of voice cloning tools—which are low-cost, simple to use, and difficult to track down—will lead to widespread abuse of AI-powered applications during a crucial election year.