Artificial intelligence is fast becoming a cornerstone of modern private banking. At JP Morgan Private Bank, it’s being used to deepen relationships, deliver more personalised insights, and make operations more efficient.

“By analysing client data, financial objectives, and market dynamics, AI enables us to deliver personalised portfolios and real-time insights aligned with each client’s aspirations,” says Andrew Catterall, head of digital and data transformation at JP Morgan Private Bank.

Catterall explains that AI has evolved from a back-office support tool to a driver of strategic value. “As we continue to help clients define and achieve their goals through tailored portfolios, we are leveraging Artificial Intelligence to enrich our traditional, research-driven approach,” he says.

Behind the scenes, automation and intelligent analytics are accelerating processes that once required manual intervention. “Tools such as our GenAI toolkit, known as the LLM Suite available across 200,000 employees, have been transformative,” Catterall notes. The suite has streamlined workflows, reduced duplication, and supported advisers with enhanced data-driven insights.

The results are tangible.

AI-powered systems have helped JP Morgan improve operational efficiency and security, two of the most critical pillars of private banking. “Robust AI-powered security features including multi-factor authentication, voice biometrics, and deepfake detection have cut fraud attempts by over 50%, ensuring client trust and regulatory compliance while setting a new industry benchmark for secure, efficient service,” Catterall says.

While technology continues to play a greater role, Catterall insists that human expertise remains at the core of the bank’s philosophy. “At JP Morgan Private Bank, while relationships will always be at the heart of everything we do, we recognise that the future of private banking is one whereby technology and human expertise work hand in hand,” he explains.

AI, in this view, enhances rather than replaces the human element allowing advisers to dedicate more time to high-value conversations and strategic decisions rather than administrative tasks.

To truly embed AI across the organisation, the bank has focused on culture as much as capability. “One of our most important challenges has been ensuring that every employee, from senior leaders to early-career professionals, is empowered to use AI effectively and responsibly,” says Catterall.

This focus on empowerment has inspired new initiatives such as global AI Days and internal competitions modelled on Shark Tank and Dragons’ Den, where teams pitch AI-driven ideas for implementation. “These forums encourage collaboration, creativity, and experimentation across teams highlighting the value of early-career ideas, with JP Morgan committed to developing the winning proposals,” he adds.

Moreover, the firm has also developed a framework for teaching prompt engineering, ensuring staff understand how to communicate effectively with generative AI tools. This focus on education and accessibility has helped drive adoption across departments, ensuring innovation happens from the ground up rather than solely from the top down.

Yet even as adoption grows, Catterall recognises that governance, ethics, and compliance are vital. “Regulatory complexity and data governance are ongoing challenges, given the global nature of our business,” he says. To manage this, JP Morgan has built a secure, firmwide internal large language model platform. “By ensuring that data is not used to train external models, we maintain our competitive edge while adhering to evolving regulatory requirements across various jurisdictions.”

For Catterall, the goal isn’t simply to keep pace with technological change but to shape it responsibly. “We are committed to leading this transformation, and by continuously refining our strategies and solutions through informed analyses, we set new standards in client service and operational excellence,” he says.

As private banking continues to evolve, Catterall sees a future defined by the seamless interplay of human insight and artificial intelligence, a future where advisers are empowered, clients are better served, and trust remains the foundation of innovation.