JPMorgan Chase has reported that its software engineers, numbering over 63,000, increased productivity by 10% to 20% thanks to a coding assistant tool developed internally. This improvement allows for better allocation of engineers' efforts toward high-value projects, particularly in artificial intelligence and data-related ventures. As the bank prepares for its $17 billion technology budget for 2024, leaders expect AI applications to double from 450 to 1,000 next year, potentially adding up to $1.5 billion in value. The focus remains on creating transformative value through AI initiatives.
Tens of thousands of JPMorgan Chase software engineers increased their productivity 10% to 20% by using a coding assistant tool developed by the bank.
The gains present 'a great opportunity' for the lender to assign its engineers to other projects, Beer told Reuters ahead of DevUp, an internal conference.
The efficiency gains from the coding assistant will also allow JPMorgan's engineers to devote more time to high-value projects focusing on artificial intelligence and data.
JPMorgan's president Daniel Pinto previously said implementing AI could add about $1 billion to $1.5 billion in value for the bank.
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