NEW YORK (Reuters) – JPMorgan Chase & Co has awarded 47 financial grants to university teachers and Phd students in artificial intelligence research, the increase of the efforts in the emerging technology, the bank plans to announce later on Monday.
A woman passes by a Chase bank in Times Square in New York City, united states, March 7, 2019. REUTERS/Brendan McDermid
The winners of the JPMorgan first AI Research Awards will consider whether the use of AI and machine learning in areas including investment advice, risk management, digital assistants, and trading behavior.
The bank refused to disclose the size of the grants.
JPMorgan and other financial institutions to invest more to the development of artificial intelligence-based technology to better process the vast amounts of data they collect and produce and make it more efficient.
But they are struggling to compete for the best computer science talent with Silicon Valley start-ups and large technology companies such as Alphabet, Inc. ‘ s and Amazon.com Inc.
Through the awards, the bank hopes to deepen ties with the academic world after the conclusion of the AI research division, less than a year ago, Manuela Veloso, head of JPMorgan’s AI Research, said in an interview.
Veloso’s 16-member unit will help the bank come up with ways for AI to improve the internal processes, by automating the more mundane tasks and improve services to clients.
The bank spends around $11.5 billion a year on technology and has more than 50,000 employees.
“The world is becoming increasingly digital, and there is a lot of information,” Veloso said. “The only way for this data not really useful for an AI solution to process it.”
The distribution of the areas of research include data and cryptography and ethics and honesty.
While the grants do not need PhD fellows to join JPMorgan after the completion of their studies, the hope of the awards can help attract talent.
“We want AI and other technical students, when they are ready, to also consider joining JPMorgan, instead of only thinking about the tech companies,” said Veloso, who is on leave from Carnegie Mellon University.
Reporting by Anna Irrera in New York; Editing by Matthew Lewis