JPMorgan Chase is in the process of developing a software service similar to ChatGPT, utilizing a disruptive form of artificial intelligence to assist customers in selecting investments.
According to a recent filing by the New York-based bank, they have applied to trademark a product named IndexGPT.
IndexGPT will leverage “cloud computing software using artificial intelligence” to analyze and choose securities tailored to individual customer requirements, as stated in the filing.
The widespread success of OpenAI’s ChatGPT technology in the past year has prompted various industries to confront the advent of artificial intelligence. ChatGPT, which employs large language models to generate human-like responses to inquiries, has ignited a competitive race among major tech companies and chip manufacturers, as it is considered the next fundamental innovation.
The finance sector sees numerous potential applications for this technology. Banks such as Goldman Sachs and Morgan Stanley have already begun testing it for internal purposes. This includes assisting Goldman engineers in code creation and addressing financial advisors’ queries at Morgan Stanley.
However, JPMorgan may be the first financial institution seeking to directly offer a GPT-like product to its customers.
During JPMorgan’s annual investor conference, company executives recently highlighted the progress made in implementing AI throughout their operations. Lori Beer, the global tech chief, disclosed that the bank, which boasts a team of 1,500 data scientists and machine-learning engineers, is exploring “a number of use cases” for GPT technology.
Beer stated, “We cannot discuss AI without mentioning GPT and large language models. We have recognized the potential and opportunities presented by these tools and are committed to exploring all the ways they can deliver value for the firm.”