Financial giant, JP Morgan has joined other financial institutions in the race of Artificial Intelligence products for their customers. The financial institution is reportedly working on a ChatGPT-like software service that would offer customers investment advice.
According to a CNBC report, JP Morgan applied to trademark a product called IndexGPT this month. The filing states that the product will “cloud computing software using artificial intelligence” for “analyzing and selecting securities tailored to customer needs.
JPMorgan’s trademark application encompasses the use of the technology in various areas, including “financial investment in the field of securities” and “funds investment.” Additionally, the application suggests potential applications in areas such as “advertising” and “marketing services,” as well as for clerical and administrative tasks.
ChatGPT has been a massive success and it has encouraged companies to investigate and find out ways of enhancing productivity and efficiency. Launched in November 2022, ChatGPT reached 100 million users in the month of January 2023. It recently started rolling out ChatGPT 4, the latest in the iterations of the artificial intelligence chatbot.
JPMorgan Chase CEO Jamie Dimon highlighted the importance of AI in a letter to shareholders in April.
“Artificial intelligence (AI) is an extraordinary and groundbreaking technology. AI and the raw material that feeds it, data, will be critical to our company’s future success — the importance of implementing new technologies simply cannot be overstated. We already have more than 300 AI use cases in production today for risk, prospecting, marketing, customer experience and fraud prevention, and AI runs throughout our payments processing and money movement systems across the globe. AI has already added significant value to our company. “
JPMorgan Chase CEO Jamie Dimon
In the firm’s bid to leverage artificial intelligence in its financial systems, CEO Jamie Dimon said that the firm has over 1,000 people involved in data management, more than 900 data scientists (AI and machine learning (ML) experts who create new models) and 600 ML engineers (who write the code to put models in production). The firm also has a “200-person, top-notch AI research group looking at the hardest problems and new frontiers in finance.”
While the AI race is on, some people have highlighted negative aspects of this phenomenon that has taken over the global economy by storm. Most of them are calling on governments to move faster in regulating artificial intelligence.
