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Artificial intelligence is increasingly playing a role in helping with investment decisions at top asset managers, and that includes the biggest bank by market cap.<\/p>\n
Later this year, JPMorgan will expand the use of a generative AI tool known as \u201cMoneyball\u201d to help portfolio managers avoid bad calls, such as potentially selling hot stocks too soon, according to the Financial Times<\/em><\/a>.<\/p>\n The tool is designed to show users \u201chow they and the market have behaved in similar circumstances and helps them correct for bias and improve their process,\u201d Kristian West, head of investment platform at JPMorgan Asset Management, told the FT<\/em>.<\/p>\n \u201cMoneyball\u201d is a pilot program still being developed and is part of JPMorgan\u2019s Spectrum portfolio management platform that draws on 40 years of data, according to the report.<\/p>\n The effort is part of trend in the financial sector where the use of AI is evolving from more routine tasks, like those related to compliance or marketing, toward roles that can aid in decision-making.<\/p>\n Meanwhile, Voya Investment Management has been using a virtual analyst that flags potential risks in stocks to help its human researchers, the FT<\/em> added.<\/p>\n For its part, JPMorgan is already regarded as a leader in the financial sector when it comes to new technologies. <\/p>\n Top bank analyst Mike Mayo pointed out last month that JPMorgan plans to spend $17 billion this year on tech alone<\/a>, adding that the unprecedented investment is turning JPMorgan into \u201cthe\u00a0Nvidia<\/a>\u00a0of banking.\u201d<\/p>\n \u201cThey\u2019re spending it on AI; they\u2019re spending it on digital banking; they\u2019re modernizing the back office; they\u2019re trying to be the preeminent digital bank 2.0, which is the next version of banking,\u201d he said.<\/p>\n \u00a0And\u00a0at\u00a0the Fortune Brainstorm AI<\/a>\u00a0conference in London in April, Evident Insights cofounder and CEO\u00a0Alexandra Mousavizadeh said her company\u2019s\u00a0AI index<\/a> on the approaches big banks are taking toward AI\u00a0showed that JPMorgan earned the top spot<\/a>, followed by Captial One, and Royal Bank of Canada<\/a>.<\/p>\n JPMorgan has had a long-term AI focus, supported by CEO Jamie Dimon, along with\u00a0investment into AI innovation<\/a>, talent, and transparency of responsible AI, according to the report<\/p>\n<\/div>\nSubscribe to the CFO Daily newsletter to keep up with the trends, issues, and executives shaping corporate finance. Sign up<\/a> for free.<\/div>\n<\/div>\n