(March 12): Jamie Dimon once again endorsed the potential of artificial intelligence (AI), saying the technology has “unbelievable” potential for the banking industry.

With AI being used across functions like risk, fraud, marketing, and customer relations, it has grown in importance internally within the firm, according to JPMorgan Chase & Co’s chief executive officer. Dimon signalled AI could have its own reporting line, separate from the broader technology team.

“Before any other major investment, it’s how are we doing on AI,” the top banker said via video link at the Australian Financial Review Business Summit in Sydney on Tuesday. “You’ve gotta get it, make it part of the management conversation.”

In areas like trading where US$2 trillion (RM9.4 trillion) of securities exchange hands every day, AI plays a big role in the equity hedging, he said. “You couldn’t do it fast enough with the human eyes and the human fingers.”

It’s not the first time Dimon, who’s one of the most influential figures in finance, has touted AI. Last year, he said AI is already being used by thousands of employees at his bank, and is likely to make dramatic improvements in workers’ quality of life even if it eliminates some jobs.