JPMorgan Co-President Daniel Pinto told Business Insider that the bank is working on a massive process of cleaning of data so they can use AI effectively; this is why many believe the automation revolution is still years away, a bank like JPMorgan needs to clean up thousands of databases; until recently banks would create one system for one purpose, now they are tasked with interconnecting the very systems they built to not be connected; back in 2016 McKinsey reported that employees at banks spent more than 50 percent of the time collecting and processing data; AI is very powerful but banks are being cautious to not jump in until ready to use it correctly. Source.
