With ChatGPT leading the fray, Artificial Intelligence has prompted a tech-industry-wide stir in recent months. However, this is not only the concern of major players like Google, Amazon, or Meta; others are also eager to enter this new arena.
As per a CNBC report, the AI-enabled chatbot from JP Morgan Chase, which is reputed to be on par with ChatGPT, assists clients in making investment choices.
Trademark lawyer Josh Gerben informed CNBC that JPMorgan might be the inaugural banking institution to deliver a product similar to GPT directly to its clientele.
The actual roll-out date remains uncertain, yet the trademark application suggests it could be in the near future. The bank has a three-year window post the trademark approval to introduce IndexGPT.
This chatbot, trademarked as “IndexGPT,” leverages cloud computing software and AI to scrutinize and pinpoint securities that cater to the customer’s unique needs, thereby helping them choose financial securities specially tailored for them.
Other AI-related projects are also on the cards for JP Morgan, as revealed by Lori Beer, the bank’s global technology head. At their annual investor conference, she highlighted that the bank is experimenting with diverse applications of AI technology.
The bank employs a team of 1,500 data scientists and machine learning engineers, all currently probing various uses for GPT technology. According to Beer, they are investigating the potential of GPT and expansive language models to add value to the firm. She underscored the role of AI in this regard and the bank’s dedication to fully exploring the capabilities of these tools.
JP Morgan Chase and other businesses such as Apple, Samsung, and others have limited the use of ChatGPT and similar AI chatbots in the workplace due to privacy considerations. These corporations are apprehensive that third-party chatbots could potentially expose confidential information.