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Jamie Dimon had this to say in the JP Morgan annual report. "While we do not know the full effect or the precise rate at which AI will change our business — or how it will affect society at large — we are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing and the Internet, among others."

Transcript

Today in health, it, we take a look at the JP Morgan chase annual report for 2023. Jamie diamond is somebody I follow pretty closely. Just to understand the economy and what's going on. He has a section in here on AI. Then I thought it would be interesting to compare and contrast with healthcare at this point.

And we're going to take a look at that. All right. My name is bill Russell. I'm a former CIO for a 16 hospital system. And create, or this week health, a set of channels and events. Dedicated to transform healthcare. One connection at a time. We want to thank our show sponsors who are investing in developing the next generation of health leaders. Notable service now interprise health parlance, certified health and Panda health.

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They can subscribe wherever you listen to podcasts. All right, here we go. This is straight out of the JP Morgan chase in your report, 2023, I'm going to read a fair amount of it. That's it because I believe it is relevant. So here we go. Each year, I try to this Jamie diamond speaking to the shareholders each year, I try to update you on some of the most important issues facing our company.

First and foremost may well be the impact of artificial intelligence. We do not know the full. Effect or the precise rate at which AI will change our business or how it will affect society. At large, we are completely convinced the consequences will be extraordinary. And possibly as transformational as some of the major technological innovations. Or inventions of the past several hundred years. Think the printing press the steam engine electricity. Computing and the internet among others. All right.

That's some pretty lofty company he's putting AI in. And the other thing is, I just want to point out this is what it means to have a point of view. It's one thing to say, oh, artificial intelligence is important. This is his flat out telling his company. This is my point of view. This is what we believe as an organization. All right.

And I think that's important for any leader. Next section, the critical impact of artificial intelligence. Since the firm first started using AI over a decade ago. And it's first mentioned in my 2017 letter to shareholders, we have grown our AI organization materially. And now includes more than 2000 AI machine learning. Experts and data scientists. We continue to attract some of the best and brightest in the space and have an exceptional firm-wide AI, M L and research department. With deep expertise. We have been actively using predictive AI and ML for years, and now have over 400 use cases in production in areas such as marketing fraud and risk. And they are increasingly driving real business value across our businesses and functions.

We also we're also exploring the potential that generative AI can unlock across the range of domains. Most notably in software engineering, customer service and operations, as well as in general, employee productivity. In the future, we envisioned gen AI helping us reimagine entire business workflows. And we will continue to experiment with these AI and ML capabilities and implement solutions in a safe, responsible way.

Wow. That is a great paragraph. Anyway, keep going. While we are investing more money in our AI capabilities. Many of these projects pay for themselves. Over time. We anticipate that our use of AI has the potential to augment virtually every job. As well as impact our workforce composition. Okay. That's interesting word.

It's great wording actually. AI has the potential to augment virtually every job. And I believe that is true as well as impact our workforce composition. Okay. We tend to say that in a negative way, and that's a good way to say that. It may reduce certain job categories or roles, but it may create others as well as we have in the past, we will aggressively re retrain and redeploy our talent to make sure we are taking care of our employees.

If they're affected by this trend. Finally, as a global leader, across businesses and regions, we have large amounts of extraordinarily rich data that together with AI can fuel better insights and help us improve. How we manage risk and serve our customers. In addition to making sure our data is high quality and easily accessible. We need to complete the migration of our analytical data estate to the public cloud. These new data platforms offer high performance compute power, which will unlock our ability to use our data in ways that are hard to contemplate today. There you go.

So you have finance moving to the public cloud so that they can tap into. Those data capabilities. He goes on, recognize the importance of AI to our business. We created a new position called chief data and analytics officer that sits on our operating committee. Elevating this new role to the operating committee level reporting directly to Daniel Pinto and me reflects how critical this function. We'll be going forward and how seriously we expect AI to influence our business. This will embed data and analytics into our decision-making at every level of the company.

The primary focus is not just on the technical aspects of AI. But also on how all management can and should use it. Each of our lines of business has corresponding data and analytics roles. So we can share best practices, develop reusable solutions. That solve multiple business problems and continuously learn and improve as the future of AI unfolds.

Interesting. Chief data and analytics officer at the operating committee level. We're talking about a chief AI officer. And should we even add that to healthcare? And they have now elevated the chief data and analytics officer, because that is going to be, they're going to be a data-driven organization. And that's how important they see this. Last section, I'm going to read here.

Clearly AI comes with many risks. Which need to be rigor rigorous, rigorously. He managed, sorry about that. We have a robust well-established risk and control framework. That helps us proactively stay in front of AI related risks particularly as the regulatory landscape evolves. And we will, of course, continue to work hard with our regulators. Clients and subject matter experts to make sure we maintain the highest ethical standards and are transparent in how AI helps us make decisions. To counter bias among other things. Let's see. You may already be aware that there are bad actors using AI to try to infiltrate companies, systems, to steal money in intellectual property or simply to cause disruption and damage.

For our part, we incorporate AI into our tool set to counter these threats. And proactively detect. And mitigate these efforts. All right. That's about all I'm going to read. I, it goes on actually, the next whole section is our journey to the cloud. Interestingly enough. And and that in of itself, I'll read through that a little later and determine whether that's worth a further. Conversation.

But as I look at this one is I always come back to this. What is your point of view? Do you have a point of view? How cogent is your point of view? Is it well thought out? Is it researched? It's not only important to have a point of view, it's important to socialize that point of view and to have conversations within the leadership team and within people across the organization, socialize it, understand what the pushback is going to be. And that will help you to formulate your point of view. In a deeper way, figure out what research you still need to do.

What questions still need to be answered before people are comfortable with it. Socialization is an important aspect of this, and this is what exactly what Jamie Diamond's doing here. He's not only doing it. In his overall organization, he's doing it amongst his shareholders. He's socializing these concepts. He will probably get emails from I actually, this is probably went through the board and everybody else, but he will get emails and conversation.

You will have conversations. He will get comments back on some of the things that he's talking about from shareholders, from board members, from employees. Saying, Hey, you missed a certain aspect of this, or you could have hit on this a little harder, or I don't understand where this is going with regard to investing or with regard to a certain part of our business.

It will help him to formulate this moving forward. My guess is he's been talking about this since 2017. These are pretty well socialized ideas that we have here. So as we go on and we look at this. I just put a poll out on LinkedIn and the reason I put it out there, cause I'm curious what people think you saying. Printing press steam, engine electricity, computing, and internet. Are the things that were saying are comparable to AI.

And I agree with them. I agree that this has the ability to really transform how work is done in this world. Quite frankly, not just in the United States, not just in healthcare. But across the world, I believe we will have robots that are artificially intelligent. And able to where we're going to be able to converse with them. In real time with natural language and they're going to be able to learn. New patterns and whatnot on their own. And that's the kind of thing that, I don't think is next week or next year, but I think it is something that is, is down the road. I could go into this a little bit more.

I'm actually running out of time. I probably will come back to parts of this. Later on, but I'm getting this whole idea of CEO's are telling me they have AI fatigue. They're tired of talking about it. And I understand that. I understand it because it is it is the buzzword. I can't think of a buzzword that had this much. Energy around it.

Cloud computing would never have had this much energy because essentially everybody in your organization. Is saying, how can this be applied in my area? Or I'm using this in my area or this other health system is doing this, or I read this article about this. I could see how that can get old, but this is why it's so important to. To have a point of view. To socialize that point of view to create a framework of governance around that point of view, or actually. To institutionalize that point of view and to create a set. A governance and organizational structure. Around around AI and around its potential free for your organization.

I'm not saying you have to hire a chief AI officer or anything to that effect, but I am saying you have to set the framework. You have to set the. The framework for thinking about it for applying it. For safety around it, for all those things for your organization. And once you create that framework, you'll have to answer less questions because there will be a framework for them to get answers to those questions. So that's probably all for today. There's definitely more in this.

If you get a chance to read Jamie diamonds, if you're. I'm an economics major by background. If you're interested in economics, you're interested in finance and those kinds of things. It's a must read every year. I love reading it because every year he talks about technology and I think that's important for us to To stay ahead of that curve. All right.

That's all for today. Don't forget to share this podcast with a friend or colleague. You said as a foundation for mentoring and keeping the conversation going. We want to thank our channel sponsors who are investing in our mission to develop the next generation of health leaders. Notable service now interprise health parlance, certified health and Panda health.

Great 📍 companies. Check them out at this week. Health. Dot com slash today. Thanks for listening. That's all for now.

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