JPMorgan Chase & Co. (NYSE: JPM) has awarded 47 financial grants to PhD students as well as university faculty for artificial intelligence research. Investing in emerging technology is the main focus. Winners of JPMorgan’s first AI Research Awards will research the use of AI, machine learning which include digital assistants, risk management, trading behavior and investment advice.
Financial institutions have been funding development of artificial intelligence-based technology to process the large quantity of data produced and collected. This recent step towards AI development is to combat large tech companies such as Alphabet Inc. (NASDAQ: GOOGL) and Amazon.com, Inc. (NASDAQ: AMZN) for the best computer-science talent.
In an interview, Manuela Veloso, head of JPMorgan’s AI Research stated that the bank will deepen ties with academia through awards. Veloso’s Ai Research division invents new ways for AI to improve internal processes by automating simple tasks which include enhancing services to clients. Currently, JPMorgan spends USD 11.5 Billion a year on technology and pays over 50,000 IT workers. “The world is becoming increasingly digital and there is a lot of data,” Veloso said. “The only way for this data to be truly useful is to have an AI solution to process it.” Areas of research include, cryptography, data, ethics and fairness.
The purpose of the awards is to attract talented individuals in this field. “We want AI and other technical students, when they finish, to also consider joining JPMorgan instead of only thinking about the tech companies,” said Veloso, who is on leave from Carnegie Mellon University.