Lori Beer, JPMorgan Chase’s global CIO, has championed a new data platform called OmniAI to help the bank's data scientists build AI models faster
JPMorgan Chase sees artificial intelligence as critical to its future success. And the mega-bank has a big advantage over many of its smaller rivals: the massive amount of data it gathers from sources such as the 50% of U.S. households with which it has some form of relationship and the $6 trillion-worth of payment flows it handles daily.
Speaking about the project during a presentation at the AI Summit in New York City this week, Beer said the platform, which has been up-and-running for a couple of months, helps workers identify and ingest “minimum viable data” to build models faster. The platform was developed by a team led by Apoorv Saxena, a former Google executive the bank poached in August 2018 to become its new head of AI and machine-learning services.
The platform doesn’t just let data scientists get their hands on raw material for their models quickly; it also automatically verifies that data are being used in accordance with regulations covering areas like customer privacy—again saving time and effort. JPMorgan Chase pulls in data from around 7.500 external sources as well as leveraging its own information.
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