A Podcast and transcript. Useful case study. in Knowledge@Wharton
Apoorv Saxena, global head of AI and machine-learning services for JPMorgan Chase, discusses the bank's AI initiatives.
When America’s biggest bank, JPMorgan Chase, hired Apoorv Saxena in August 2018 as its global head of AI and machine-learning services based in San Mateo, Calif., finance industry watchers saw that as a sign that the bank was making a big bet on artificial intelligence to shape its future strategies. Saxena previously headed product management for cloud-based artificial intelligence at Google. At JPMorgan Chase, he also oversees asset and wealth management artificial intelligence technology.
According to Saxena, AI will help financial services companies expand banking penetration worldwide, launch new products and deepen customer engagements. AI has helped technology companies and others outside of traditional banking enter financial services, such as with mobile banking and digital money offerings. However, only firms that can earn customer trust, meet regulatory compliance requirements and enhance customer service will make the cut, he notes. Meanwhile, regulations will have to come up to speed with the impact of AI’s advances and help make way for the industry to grow. The U.S. could learn some useful lessons from other countries like China, as it seeks to promote innovation as well as growth at scale, he adds.
JPMorgan Chase is making a significant investment in AI research, Saxena notes. For now, he is focusing on building “a rock-star team” to lead AI initiatives at the bank, he says on social media. Knowledge@Wharton spoke with Saxena at the recently held AI Frontiers conference in San Jose.
An edited transcript of the conversation follows. ... "
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