Jun 20, 2018
Published June 20, 2018 – In its latest effort to enhance cash management with innovative technology, J.P. Morgan’s Treasury Services business will be launching a new pilot program for an artificial intelligence-powered virtual assistant. While virtual assistants have already been rolled out to millions of retail customers, the A.I. program will be a first in the world of corporate payments.
With over $7.6 billion in revenue last year and an average of $5 trillion handled daily, J.P. Morgan Treasury Services has been working to address and deliver on clients’ needs and experience particularly around navigating the firm’s online cash management portal, J.P. Morgan Access®. Instead of filtering through the portal to perform certain tasks such as sending wires or exporting data, a client will be able to simply ask the virtual assistant for information on balances. Eventually the virtual assistant will also learn the clients’ behavior and will ultimately be able to make recommendations.
“Based on your behavior each time, it will start to learn what you ask for," Jason Tiede, Innovation Head for Treasury Services said in an interview with CNBC. "We think there's a huge opportunity to suggest creative and insightful recommendations to clients. When you log in, it can say, 'Looks like you have sent 100 US dollar wires to Singapore. Do you know you could send a foreign-exchange ACH payment instead? Click here to sign up.'”
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