News Desk
\nNEW YORK
\nJPMorgan Chase & Co has awarded 47 financial grants to university faculty and PhD students for artificial intelligence research, ramping up its efforts in the emerging technology, the bank plans to announce later on Monday.
\nWinners of the JPMorgan\u2019s first AI Research Awards will study the use of AI and machine learning in areas including investment advice, risk management, digital assistants and trading behavior.
\nThe bank declined to disclose the size of the grants.
\nJPMorgan and other financial institutions have been investing more to develop artificial intelligence-based technology to better process the vast amounts of data they collect and produce, and to become more efficient.
\nBut they are struggling to compete for the best computer-science talent with Silicon Valley startups and large technology companies such as Alphabet Inc\u2019s and Amazon.com Inc.
\nThrough the awards, the bank hopes to deepen ties with academia following the creation of its AI research division less than a year ago, Manuela Veloso, head of JPMorgan\u2019s AI Research, said in an interview.
\nVeloso\u2019s 16-member unit helps the bank come up with ways for AI to improve its internal processes, by automating more mundane tasks, and enhance services to clients.
\nThe bank spends around $11.5 billion a year on technology and employs more than 50,000 workers in IT.
\n\u201cThe world is becoming increasingly digital and there is a lot of data,\u201d Veloso said. \u201cThe only way for this data to be truly useful is to have an AI solution to process it.\u201d
\nThe division\u2019s areas of research include data and cryptography and ethics and fairness.
\nWhile the grants do not require PhD fellows to join JPMorgan upon completing their studies, the hope is the awards can help attract talent.
\n\u201cWe want AI and other technical students, when they finish, to also consider joining JPMorgan instead of only thinking about the tech companies,\u201d said Veloso, who is on leave from Carnegie Mellon University.<\/p>\n","protected":false},"excerpt":{"rendered":"
News Desk NEW YORK JPMorgan Chase & Co has awarded 47 financial grants to university faculty and PhD students for artificial intelligence research, ramping up its efforts in the emerging technology, the bank plans to announce later on Monday. Winners of the JPMorgan\u2019s first AI Research Awards will study the use of AI and machine […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-55984","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n