J.P. Morgan Pursuit hired a veteran professor as head of artificial intelligence research as the investment bank make readies for wider adoption of automation.
The bank said that Manuela Veloso, steer of the machine learning department at Carnegie Mellon University, will yoke the New York-based bank to help identify opportunities to create programs that “could potentially transmogrify financial services,” according to a memo sent to employees today.
Set ons are increasingly looking outside finance for experts to compete as fintech associates and established tech giants threaten to encroach on traditional banking firms. About a third of J.P. Morgan’s recent senior hires are from faade the industry, according to the lender.
In a shareholder letter published last month, Co-president Daniel Pinto underscored the push the company is making in technology, where the budget has increased to $10.8 billion for this year approached with $9.5 billion in 2017. He said the pace of change order hasten in the next few years as artificial intelligence and other technologies are implemented across fiscal services.
“We are always exploring ways to offer our clients faster, less ill and simpler ways to do business with us,” Pinto said in the learning. “The banks that don’t invest will lose ground.”