- JPMorgan Chase CEO Jamie Dimon said in a letter to shareholders that the banking giant aims to move 75% of its data and 70% of its applications to the cloud this year.
- Cloud adoption is part of JPMorgan’s broader data priorities to drive AI adoption.
- Dimon’s passion for the cloud is tied to the disruptive potential of generative AI and the data-hungry large-scale language models that power the technology.
Cloud adoption is critical to driving company’s AI strategy
Jamie Dimo, chairman and CEO of jpmorgan Chase, emphasised his commitment to cloud computing in an annual letter to shareholders. “Bringing our technology to the cloud – whether public or private – is critical to harnessing all of our capabilities, including the power of our data,” he said.
Dimon said the banking giant aims to move 75% of its data and 70% of its applications to the cloud by the end of this year. Currently, about 70% of data and 50% of applications run in public or private clouds.
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Enthusiasm for cloud is tied to potential of generative AI
Cloud adoption is part of JPMorgan’s broader data priorities to drive AI adoption. “In addition to ensuring that our data is high quality and easily accessible, we also need to complete the migration of our analytics data assets to the public cloud,” Dimon said. “These new data platforms deliver high-performance computing power that will unlock our ability to use data in ways unimaginable today.”
Dimon’s passion for the cloud is tied to the disruptive potential of generative AI and the data-hungry large-scale language models that power the technology.
Dimon said, “We have a lot of very rich data that, along with AI, can provide better insight and help us improve the way we manage risk and serve our customers.”
In his letter, he noted that jpmorgan has more than 2,000 AI, machine learning and data science practitioners on its technology team, with more than 400 AI use cases in production. “We’ve been actively using predictive AI and machine learning for years,” Dimon said, noting that the company is currently exploring other use cases in customer service and operations, software engineering and employee productivity.
According to Accenture’s 2024 Banking Trends report, the banking industry will gain more from the adoption of AI than any other industry. The cloud is key to expanding the capabilities of AI and unlocking the value of the technology.
