Jamie Dimon, CEO of JPMorgan, has stated that artificial intelligence (AI) is already being utilized by thousands of employees at his bank and has the potential to significantly improve workers’ quality of life, despite the possibility of job elimination.
“Your children are going to live to 100 and not have cancer because of technology,” Dimon said in an interview on Bloomberg TV Monday. “And literally they’ll probably be working three-and-a-half days a week.”
Dimon has previously emphasized that AI is “critical to our company’s future success.” He believes that this technology can assist in the development of new products, drive customer engagement, improve productivity, and enhance risk management.
Consultancy Evident’s data reveals that JPMorgan advertised for over 3,500 AI-related roles between February and April. Dimon also dedicated a section of his shareholder letter this year to the importance of AI, highlighting JPMorgan’s efforts, which include more than 300 AI use cases already in production.
However, Dimon acknowledges that AI does come with risks. He expressed concern about bad actors exploiting AI for malicious purposes: “Technology has done unbelievable things for mankind but, you know, planes crash, pharmaceuticals get misused – there are negatives. This one, the biggest negative in my view is AI being used by bad people to do bad things.”
Despite the potential job displacement caused by AI, Dimon argues that this is a common occurrence with new technologies.
The use of AI across various industries is expected to continue growing rapidly. According to a report by Gartner, AI will create 2.3 million new jobs by the end of 2020 while replacing 1.8 million existing jobs.
Furthermore, a recent study conducted by the World Economic Forum suggested that AI and automation could lead to the creation of 12 million new jobs over the next decade, provided workers are reskilled for the jobs of the future.
Dimon’s positive outlook on AI aligns with these findings. He believes that despite the potential job displacement, AI has the capacity to enable significant advancements in society, leading to better health, increased leisure time, and overall improved quality of life.
“We’ve always had jobs go away. It’s going to be different this time, but we need to focus on the great things it can do,” Dimon commented.
While AI’s impact on the labor market is uncertain, Dimon’s optimistic view suggests that it has the potential to revolutionize industries and contribute to a brighter future.
Credit: The Star : Tech Feed
