Latest news with #TeresaHeitsenrether
Forbes
3 days ago
- Business
- Forbes
At JPMorganChase, AI Innovation Is An Operating Committee Mandate
JPMorganChase What distinguishes artificial intelligence (AI) leaders from AI followers? A recent survey reported that 89% of Fortune 1000 companies recognize that artificial intelligence (AI) will be the most transformational technology in a generation. Love it or hate it, AI is inevitable. Organizations will need to adapt or risk falling behind. JPMorganChase (JPMorgan), the largest U.S. bank with origins tracing back over 225 years to 1799, is seizing upon the moment with a forward-looking long-term vision for AI, which is articulated in the company's mission for the future and embodied at all levels of the organization. This commitment to embracing AI is evident in the composition of the firm's 14-member Operating Committee, where Teresa Heitsenrether occupies a prominent position as chief data and analytics officer (CDAO) for the firm. JPMorgan is at the forefront--very few Fortune 1000 organizations have elevated the CDAO to an operating committee role. I recently hosted Heitsenrether on an industry panel of data and AI leaders, and follow up conversation. We discussed her leadership role at JPMorgan, and how the company is planning for and executing on its long-term vision for AI as a tool for innovation and industry transformation. A career JPMorgan veteran, Heitsenrether is responsible for establishing the data and analytics strategy as well as driving firmwide adoption of AI across lines of business. Having served as a line-of-business leader, most recently as the Global Head of Securities Services, Heitsenrether understands that AI leadership begins with a business strategy that recognizes, first and foremost, that AI is a technology tool which must deliver business benefits and business value to the company and to its customers. She explains, 'Coming from the business gives you a different lens. Having been at the firm for my whole career, I have a good perspective on the businesses and what's most important to them.' While some organizations think of AI as a technology issue—47% of CDAOs report into technology functions—a growing percentage of companies—36%--see AI as a business function that should report to the seniormost business leadership of the firm. JPMorgan exemplifies this shift to a business focus and mandate. Heitsenrether explains, 'AI is 100% a business issue. We have to begin with an understanding of our business objectives; where we want to grow, where we want to be more efficient, what markets we want to enter, what products we want to create; and then how, where, or if AI can be an enabler for this.' She continues, 'We always think about our AI and data agenda in the context of the business's broader strategic objectives.' Heitsenrether adds, 'AI in search of a problem is a bad strategy.' Establishing an AI and Data organizational culture remains an obstacle for most leading organizations--just 32% of organizations say that they had achieved this outcome and only 37% report having created an AI and Data driven organization–people and cultural issues being identified as the greatest impediments to successful business adoption. Leadership begins from the top of the organization at JPMorgan. Heitsenrether explains, 'We have a leadership team that has long recognized the importance of AI. The tone from the top really does matter in setting the expectations for the organization. When you do that, and you're clear, it permeates the organization.' Heitsenrether continues, 'I firmly believe that the advances we are seeing through AI are going to fundamentally change the way that we do business, and the scale and the scope at which we can do things. The fact that we created this corporate function for data and AI reflects how transformative we think this will be.' Business transformation requires cultural adaptation and changes to behavior and processes within any large and complex organization. Heitsenrether explains, 'You really need to think about how transformation it going to be introduced; what else changes in the organization; how do you roll out new capabilities to our customers.' She adds, 'I think there is a very deep culture within JPMorgan of continuous improvement. We're always looking at who the disruptors are and how we can do things better. Technology is a great enabler.' Adoption of new technology and new business processes represents a challenge for any organization. Heitsenrether explains, 'We've been very intentional about putting GenAI into the hands of all our employees. We are doing this through an internal platform we developed called LLM Suite. I think this has been a great cultural shift for the organization.' Heitsenrether continues, 'We didn't set a mandate that our people have to use the new AI platform, but they quickly discovered the benefits. Now, over half of our employees use the platform in their daily work.' She continues, 'We're still in the early stages. It has been both bottom-up ideas combined with a top-down perspective focused on the biggest areas of opportunity for our business and for our customers.' AI is on a path toward long-term adoption across JPMorgan. Heitsenrether comments, 'We are now understanding what's possible with AI technology.' She adds, 'As is often the case with new technologies, there's the 20% that are the early adopters, who become your ambassadors. They start learning how to use the new technology–in this case AI--and encourage and show others how to use it as well.' 'There's a natural curiosity', explains Heitsenrether. 'Everyone will try the new AI technology, but the challenge is making it applicable to what our employees do in their daily jobs.' She continues, 'Having AI ambassadors within the business help colleagues understand how to use AI to be more effective creates a next wave of adoption.' Delivering business value from data and AI investments remains a challenge for most organizations. Just 24% of companies surveyed reported having implemented AI in production at scale, and only 18% claimed to be delivering a high degree of measurable business value from their data and AI investments. Heitsenrether comments, 'We've already seen business value in a number of domains, including fraud management, pricing and risk management.' She continues, 'Generative AI opens new domains that weren't available before. An example is in our software engineering life cycle. We're also looking at using AI in customer coverage in our call centers.' Heitsenrether adds, 'We are using AI to help our agents better understand the customers intent, to provide customer answers quickly, and deliver a great service outcome.' She concludes, 'The best way to retain customers is to keep them happy' says Heitsenrether. Great data is the foundation for great AI. Heitsenrether explains, 'What's really shifting is the lens with which business leaders look at data. They recognize that data is a strategic asset for their business.' She elaborates, 'One of my biggest learnings in the last two years has been the importance of data. You have to have a good data foundation. Having access to clean, understandable data is critical to our success.' Heitsenrether notes, 'We run a very large financial services firm that's highly governed, so the fact that the business runs smoothly each and every day speaks to the quality of our data.' She concludes, 'The next wave in having good data will be making sure that our data is well understood and connected across the organization.' AI technology represents the culmination of seventy years of development, dating back to the origins of the term artificial intelligence–45% of companies have been employing forms of AI technology for at least a half decade, and in some cases for over a quarter century. Looking toward an AI future, Heitsenrether comments, 'I don't think that the expectations of AI are unfounded or overestimated. If anything, we may be underestimating what's going to be possible.' She continues, 'What we are realizing is that it's not just about the technology. It's about the enterprise's ability to adapt the technology, not just within financial services, but even more broadly across industries.' Heitsenrether continues, 'You have to know where you're heading. Our most senior leaders will be able to start thinking about remapping their businesses. That's just getting underway in earnest at this point. This will require a lot of thought and is an iterative process that starts with thinking about what's possible.' Reflecting on her tenure with the firm and her present mission, Heitsenrether notes, 'I've run a lot of big businesses at JPMorgan, with significant technology and operations components, so I understand how to execute through complexity. I also think having been responsible for running businesses helps me be a better partner to our business leaders who have many demands on their time.' She continues, 'At JPM, we're committed to being a leader in AI technology and that means we need everyone across the firm thinking about how they can maximize the use and value of AI. You need to be constantly learning. That message reaches people at all levels of the organization and becomes understood in the overall success of the firm and of your business.' In summation, Heitsenrether comments, 'It's been an honor to be in the CDAO seat at JPMorgan. The role is so strategically important to the future of the firm. It's an exciting moment, at a pivotal time. We are creating the culture, creating the guardrails, creating the policies, and creating the enablers.' 'AI will be transformational in ways that we haven't even thought of. It's not just about JPMorgan. We are doing something that is beneficial for our clients and our community, and we are doing it in the right way' continues Heitsenrether. She concludes, 'Our ethos is to Make Dreams Possible for everyone, everywhere, every day–AI technology can help with this by driving better outcomes for our customers. It's enormously exciting and beneficial.'
Business Insider
10-06-2025
- Business
- Business Insider
Meet 10 AI trailblazers who are steering their companies into tech's new age
The corporate rush to adopt AI is shifting into high gear. As of July 2024, 78% of companies reported using AI for at least one business task, up from 55% since late 2023, according to a report from McKinsey & Company. From IT automation to personalized marketing, businesses are betting on AI to cut costs and drive growth. But AI adoption isn't without risks, including cybersecurity threats, data leaks, unreliable or biased model outputs, and a rising carbon footprint. For Business Insider's "AI in Action" series, we profiled 10 executives driving AI adoption at companies like JPMorgan Chase, PwC, and BMW. From chief AI officers to HR leaders, they're helping their organizations stay competitive — and safe — in the age of AI. Teresa Heitsenrether, the chief data and analytics officer at JPMorgan Chase At JPMorgan Chase, Teresa Heitsenrether leads the rollout of the bank's proprietary LLM Suite. The suite has given over 220,000 employees access to AI tools that can summarize internal data. The platform integrates capabilities from multiple leading AI providers and has already saved employees several hours of work a week, Heitsenrether said. "LLM Suite's widespread adoption is driving a cultural transformation across the bank," Heitsenrether told Business Insider. This rollout isn't just about experimentation — it's about execution. JPMorgan tracks every AI use case from ideation to production, ensuring each AI initiative drives business value. That includes cost savings, revenue generation, and risk reduction, Heitsenrether said. Working under this framework helps the bank prioritize projects with the highest potential impact. Additionally, employees across the bank are trained through a mix of in-person and online courses to use AI effectively and responsibly. Joe Atkinson, the global chief AI officer at PwC Joe Atkinson is embedding AI across the firm's operations and services. He led the launch of an internal AI chatbot deployed to 270,000 employees to help them generate reports and assist in project delivery. Under his leadership, PwC also rolled out tools like Code Intelligence, which helps organizations modernize legacy systems through generative AI-powered code conversion, and Agent OS, which was designed to streamline AI-driven workflows. Additionally, Atkinson said he launched a global AI Academy, which has trained 90% of staff in prompt design and responsible AI use. "We're seeing a ton of growth and capability from our people," Atkinson said, pointing to rising usage and more complex tasks handled by AI. He emphasized the importance of trust, governance, and accountability, adding that virtually every function at PwC is expected to be AI-powered in the near future. Bala Subramanian, the executive vice president and chief digital and technology officer at UPS Bala Subramanian is leading UPS's digital transformation with a focus on integrating AI across operations. Under his leadership, UPS has implemented the Message Response Automation system, which uses large language models to automate responses to customer inquiries and reduce agent handling time. "By alleviating the burden on our human agents, it enables them to focus on more complex and nuanced customer needs," Subramanian told Beyond customer service, Subramanian is overseeing the rollout of AI and automation technologies — like pick-and-place systems and autonomous guided vehicles — across shipment operations. Bloomberg reported that as of April, UPS is exploring a potential partnership with Figure AI, a robotics startup, to implement humanoid robots into its operations for tasks like sorting parcels. UPS is also investing in AI infrastructure, signing a decade-long deal with NTT Data in late March to modernize its data centers — part of a broader strategy to update its logistics network and improve service delivery. UPS didn't respond to BI's request for comment. Johan Gerber, the executive vice president and head of security solutions at Mastercard Johan Gerber is helping Mastercard use AI to strengthen fraud detection across its global payment network. His team oversees cybersecurity, digital identity, and dispute resolution in an effort to protect businesses and card users from scams. With Gerber at the helm, Mastercard launched tools like Decision Intelligence and Safety Net, which use generative AI, machine learning, and data scanning to analyze transaction patterns, improve fraud detection rates, and flag suspicious activity. LLMs have also been integrated into MasterCard's Recorded Future tool, which allows analysts to quickly sift through its threat-intelligence database with queries like, "Tell me about the new malware families you found yesterday." Gerber told BI that combining generative and traditional AI has improved detection accuracy, but he also stressed the importance of rigorous testing and data governance before deploying models into production. He also recommended a method called "silent scoring," which runs new AI models alongside active models before they go live; this helps assess the new model's soundness and vulnerabilities. Suresh Kumar, the global chief technology officer and chief development officer at Walmart Suresh Kumar is leading Walmart's AI transformation to boost efficiency and personalize retail experiences. He helped launch "My Assistant," a generative AI tool that helps over 50,000 corporate employees summarize documents, draft content, and streamline onboarding. The company has also invested in developing proprietary LLMs like "Wallaby," trained on decades of internal data, to power customer-facing assistants and personalized homepages. In supply chain operations, Walmart uses AI for product placement, inventory management, and robotic automation. The Wall Street Journal reported that the company is testing autonomous shopping agents that can purchase items for customers. "A standard search bar is no longer the fastest path to purchase, rather we must use technology to adapt to customers' individual preferences and needs," Kumar said in an October press release. Walmart didn't respond to BI's request for comment. Marco Görgmaier, the vice president of enterprise platforms and services, data, and artificial intelligence at BMW Group Marco Görgmaier is leading BMW's AI integration across production, engineering, and marketing. He said the company's generative AI strategy centers on three pillars: adopting third-party tools, building proprietary applications, and providing in-house tools like the BMW Group AI Assistant, which lets staff create custom software without code. Görgmaier said training programs, development guidelines, and hands-on support further ensure teams are equipped to navigate the AI shift. "While conventional AI has driven efficiencies in targeted areas like predictive maintenance and quality assurance, generative AI expands the horizon, enabling automation, creativity, and innovation across the entire organization," Görgmaier told BI. He said it's important to start every AI project with a clear business need and ensure cross-functional collaboration and compliance. A key to scaling AI, he added, is a centralized, flexible data platform that supports rapid adoption of new technologies while ensuring cost efficiency and regulatory compliance. Bhavesh Dayalji, the chief AI officer at S&P Global and the CEO of Kensho Bhavesh Dayalji is guiding efforts to boost productivity through internal generative AI tools at S&P and Kensho, S&P's AI and innovation research division. Spark Assist, for example, is an internal chatbot that helps more than 40,000 employees draft reports, synthesize data, and streamline workflows. Unlike public tools like OpenAI's ChatGPT, these are built on proprietary data and include agentic features for task automation. Another tool is Chat IQ, a chatbot where employees can query S&P's financial datasets with questions like, "What is the price of a certain stock?" To ensure widespread AI adoption, Dayalji introduced S&P's workforce to mandatory training, which included online videos and workshops, designed to upskill leaders and employees. "This is a transformation journey," Dayalji told BI. "We want people to have hands-on experience and understand how it's going to help them." Dayalji said S&P will continue placing big bets on AI: Kensho, for instance, is developing a Grounding Agent for autonomous research and analysis using the firm's proprietary datasets. While AI is still in its "early days," Dayalji called the current moment an "amazing time to be involved" in adopting and advancing the technology. Ulrika Biesèrt, the global people and culture manager at Ingka Group (IKEA) Ulrika Biesèrt is helping Ingka Group equip IKEA's global workforce — over 160,000 employees across 31 countries — with AI skills. Since launching AI literacy programs in April 2024, the retailer has trained over 4,000 employees in areas like responsible, ethical AI usage, Biesèrt said. The goal, she added, was to train 30,000 employees and 500 leaders. "At IKEA, we've always believed that change should start with people," Biesèrt told BI. One tool employees are taught to use is Hej Copilot, an internal generative AI assistant that helps with everyday tasks like creating presentations and brainstorming ideas. To inspire their colleagues, early adopters shared use cases for the tool at workshops. Implementing such a vast program isn't easy. Technological change comes with uncertainty, Biesèrt said. To address this, nearly 650 senior leaders were trained, exceeding IKEA's initial goal, to ensure a "structured, cohesive approach" to AI across the organization, Biesèrt told BI. Arnab Chakraborty, the chief responsible AI officer at Accenture Arnab Chakraborty oversees Accenture's internal responsible AI compliance program to ensure AI is developed, deployed, and scaled sensibly across Accenture and its roster of more than 9,000 global clients. According to the company, Accenture has committed $3 billion over three years to expand its Data & AI practice and double its AI talent to 80,000 professionals. "We have to ensure that AI solutions have fairness, transparency, and accountability embedded from the start," Chakraborty said. He's also co-leading a $700 million partnership with Telstra. The goal is to help the Australian telecommunications company integrate AI into its workflow processes, including identifying fiber cable defects and faster customer service, AFR reported. Chakraborty told BI the partnership also involves advancing responsible AI capabilities like real-time model monitoring so that Telstra's AI systems are compliant with its internal policies and community guidelines. Building and maintaining the right data infrastructure to scale AI remains a barrier to adoption, Chakraborty added. To address this, Accenture has partnered with the Center for Advanced AI in Mountain View, California, gaining access to research labs at academic institutions like UC Berkeley and Stanford to study data privacy and develop AI training programs for companies. Chakraborty said by year's end, Accenture plans to launch over 100 agentic AI tools designed to detect and correct algorithmic issues, such as biases or hallucinations, before they impact business operations. Boris Gamazaychikov, the head of AI sustainability at Salesforce Boris Gamazaychikov leads Salesforce's push to decarbonize the company's AI systems. Recognizing the significant energy demands of training large AI models, Gamazaychikov's sustainability strategy emphasizes the importance of developing efficient, domain-specific models. Salesforce's AI Research team has created xGen, designed for customer relationship management, orCRM, tasks like generating call summaries. These models consume less power and emit fewer emissions than general-purpose ones, according to Salesforce. Under Gamazaychikov's leadership, the CRM provider has introduced AI tools that help customers decarbonize, including AI agents for sustainability measurement and a nature-focused accelerator for climate-focused nonprofits supporting forest conservation, regenerative agriculture, and other efforts. "It is important that software and AI companies are also part of the solution to reduce emissions, and provide tools that help others reduce their emissions," Gamazaychikov said in an interview for Autonomy's " The Decarbonists" newsletter.
Yahoo
15-05-2025
- Business
- Yahoo
US Banks Ramp up AI Use
JPMorgan has joined other US banks in ramping up its use of artificial intelligence as the technology transforms the way millions of people do their jobs. Teresa Heitsenrether, Chief Data & Analytics Officer at JPMorgan, discusses what this means for the banking sector. She speaks to Bloomberg's Francine Lacqua at JPMorgan's annual Global Markets Conference in Paris. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
15-05-2025
- Business
- Bloomberg
US Banks Ramp up AI Use
The Pulse with Francine Lacqua JP Morgan has joined other US banks in ramping up its use of artificial intelligence as the technology transforms the way millions of people do their jobs. Teresa Heitsenrether, Chief Data & Analytics Officer at JP Morgan, spoke to Bloomberg's Francine Lacqua on what this means for the banking sector. (Source: Bloomberg)
Wall Street Journal
24-02-2025
- Business
- Wall Street Journal
The Rise of Artificial Intelligence at JPMorgan
America's banks have been using artificial intelligence to spot fraud for years. JPMorgan Chase, the country's biggest bank, is now making a bigger bet on AI, working to put it at the center of how its 300,000 employees work. In the past year, JPMorgan rolled out a tool it calls LLM Suite for most of its employees that allows them to use generative artificial intelligence from OpenAI and others. It's also adding generative AI in call centers for agents that deal with Chase Bank customers. Teresa Heitsenrether, JPMorgan's chief data and analytics officer, was tapped to oversee the firm's AI strategy in 2023. She isn't a software engineer or a technologist. But after more than 20 years running key businesses at JPMorgan, she was able to identify where the firm can best use technology to boost productivity—and had earned the trust of the company's leaders. 'When the generative AI wave started to really take off, we wanted to make sure that there was somebody really focused on this as a full-time job at [CEO] Jamie Dimon's table because of the strategic importance that we see for the future of the firm,' she says.
