As Meta\u2019s Muse reignites fears over artificial intelligence-driven deposit flight, Jamie Dimon on Tuesday said bank customers using AI agents need to understand the risks.<\/p>\n\n\n\n
JPMorgan Chase CEO Jamie Dimon speaks at The Institute Of International Finance annual membership meeting at the Ronald Reagan Building on October 24, 2024 in Washington, DC. Kevin Dietsch via Getty Images<\/em><\/p>\n\n\n\n JPMorgan Chase CEO Jamie Dimon cautioned customers Tuesday that if they\u2019re giving artificial intelligence agents access to their bank accounts, they\u2019re owning that decision.<\/p>\n\n\n\n The comments from the CEO of the biggest U.S. bank come just weeks after Meta\u2019s AI assistant Muse debuted, reigniting conversation around AI-cash sorting concerns for lenders<\/a>.<\/p>\n\n\n\n \u201cYou\u2019ve got to make sure customers aren\u2019t hurt by it, and so that is of concern,\u201d Dimon said during the bank\u2019s third-quarter earnings call<\/a>. \u201cYou don\u2019t want rogue agents, and there could be thousands of them.\u201d <\/p>\n\n\n\n \u201cIf people are using them, they should understand the risk,\u201d the CEO said. \u201cThere\u2019s a liability transfer. They should understand the liability transfer. If data is being misused, they should understand it\u2019s being misused.\u201d<\/p>\n\n\n\n \u201cWe have to make sure we protect our customer in the right kind of way. So we\u2019re building tools to do that, too,\u201d Dimon said. \u201cIn the meantime, we\u2019re not going to allow just any outside agent to come in inside the company because it\u2019s too risky for the clients and for JPMorgan.\u201d <\/p>\n\n\n\n Consulting firm McKinsey warned in April<\/a> that retail banks may face disintermediation of their relationships with customers if AI agents acting on consumers\u2019 behalf move money in pursuit of better rates. <\/p>\n\n\n\n For its part, JPMorgan\u2019s AI-powered Smart Cash tool \u2013 which moves customer money between accounts at the New York City-based bank to maximize yield and manage cash flow \u2013 is in pilot, CFO Jeremy Barnum said Tuesday. <\/p>\n\n\n\n \u201cThe strategic question is not whether AI pulls deposits out of checking, but who owns the agent, the wallet and ultimately the customer relationship,\u201d Bank of America Securities analyst Ebrahim Poonawala said in a Sept. 23 note. <\/p>\n\n\n\n Regulators should also consider how agentic AI\u2019s potential impact on deposits could affect liquidity risk management, Dimon said.<\/p>\n\n\n\n \u201cIt\u2019s a new world,\u201d and \u201cwith all these bots and agents and stuff like that, could someone get hurt and cause a problem? Maybe. If I was a regulator, I\u2019d try to be prepared for that,\u201d Dimon said. <\/p>\n\n\n\n Bank executives also faced AI expense-related questions Tuesday, as the industry begins to feel pressure to show return on AI investment<\/a> while costs have soared. Last year<\/a>, Dimon said the bank\u2019s annual AI-generated savings of $2 billion roughly equal what it spends yearly on the technology. <\/p>\n\n\n\n Asked for updated figures Tuesday, Barnum put the bank\u2019s annual AI spending somewhere closer to $700 million, not $2 billion, but also said that figure is \u201ca little stale at this point.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":" As Meta\u2019s Muse reignites fears over artificial intelligence-driven deposit flight, Jamie Dimon on Tuesday said bank customers using AI agents need to understand the risks. 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