JPMorgan Chase: Digital Transformation, AI and Data Strategy Sets Up Generative AI

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JPMorgan Chase will deliver more than $1.5 billion in business value from artificial intelligence and machine learning efforts in 2023 as it leverages its 500 petabytes of data across 300 use cases in production.

"We've always been a data-driven company," said Larry Feinsmith, Managing Director and Head of Technology Strategy, Innovation, & Partnerships at JPMorgan Chase. Feinsmith, speaking with Databricks CEO Ali Ghodsi during a keynote at the company’s Data + AI Summit, said JPMorgan Chase has been continually investing in data, AI, business intelligence tools and dashboards.

Indeed, JPMorgan Chase said it will spend $15.3 billion on technology investments in 2023. JPMorgan Chase's technology budget has grown at a 7% compound annual growth rate over the last four years.