Chase CEO Jamie Daimon: 'It's hard not to be both impressed and a little worried' by China's progress in AI and fintech:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers. To receive the full story plus other insights each morning,In reference to China's progress in AI and fintech, JPMorgan Chase CEO Jaime Dimon said,"it's hard not to be both impressed and a little worried," per hisAt the end of 2018, Dimon dispatched a group of executives to China to investigate the country's fintech progress.
Dimon acknowledged the bank's lagged on innovating in the past, suggesting a willingness to learn from that inertia. Dimon noted his unwillingness to adopt the cloud in the past as an example of the bank's sluggishness on the innovation front. However, the bank is now well aware of cloud computing's capabilities and is committed to implementing the technology at full speed, he added.
But despite the buzz around AI and its impacts on financial services, we've yet to see widespread deployment of stand-alone and scalable solutions. JPMorgan is only beginning to take advantage of the opportunities it presents, according to Dimon. And this gradual adoption is illustrative of how we expect progress to be made: incremental evolution versus instant revolution.
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