JPMorgans AI Advisory Goes ChatGPT-Inspired for Crypto

JPMorgans AI Advisory Goes ChatGPT-Inspired for Crypto

JPMorgan Chase is developing an AI-driven investment advice software service called IndexGPT, which uses large language models to generate human-like text based on input queries and could potentially challenge the role of traditional financial advisors.

JPMor­gan Chase is report­ed­ly mak­ing a whole lot of stride towards AI-dri­ven finan­cial ser­vices by devel­op­ing an arti­fi­cial intel­li­gence soft­ware ser­vice offer­ing cus­tomers financ­ing advice. Reports by a report by CNBC, the new ser­vice, dubbed IndexG­PT, draws inspi­ra­tion from OpenAI’s Chat­G­PT tech­nol­o­gy, which employs large lan­guage mod­els to gen­er­ate human-like text accord­ing to input queries.

CNBC reveals that the bank­ing behe­moth, head­quar­tered in New York, has recent­ly filed for a trade­mark for IndexG­PT, sig­nal­ing its com­mit­ment to this inno­v­a­tive deal. As per the trade­mark appli­ca­tion, IndexG­PT will lever­age “cloud com­put­ing soft­ware using arti­fi­cial intel­li­gence” to ana­lyze and select secu­ri­ties that best meet cus­tomer require­ments.

The CNBC post points out although banks such as Gold­man Sachs Group and Mor­gan Stan­ley have begun exper­i­ment­ing with the tech­nol­o­gy for inter­nal use in the finan­cial sec­tor, JPMor­gan Chase may be the 1st tra­di­tion­al finan­cial insti­tu­tion to offer a GPT-like prod­uct direct­ly to its cus­tomers.

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Josh Ger­ben, a trade­mark attor­ney based in Wash­ing­ton D.C., informed CNBC that the trade­mark app  sig­ni­fies JPMorgan’s inten­tion to launch the prod­uct in the near future. The bank will must launch IndexG­PT with­in approx­i­mate­ly 3 years of approval to secure the trade­mark.

The IndexG­PT ser­vice is expect­ed to employ Gen­er­a­tive Pre-trained Trans­former (GPT) mod­els, the same type of Arti­fi­cial Intel­li­gence (AI) Chat­G­PT uses. This move by JPMor­gan Chase could mark a poten­tial shift in the finan­cial advi­so­ry land­scape, with AI-pow­ered ser­vices poten­tial­ly chal­leng­ing the role of tra­di­tion­al finan­cial advi­sors.

The report like­wise men­tions that regard­less of the devel­op­ment of sim­ple roboad­vi­sor ser­vices by wealth man­age­ment cor­po­ra­tions, human advi­sors have con­tin­ued to gath­er bil­lions of dol­lars in assets, but the intro­duc­tion of AI-pow­ered ser­vices like IndexG­PT could poten­tial­ly dis­rupt this trend.

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In the end, CNBC reveals that JPMor­gan Chase, which employs 1,500 data sci­en­tists and machine-learn­ing engi­neers, is explor­ing numer­ous use cas­es for GPT tech­nol­o­gy. The bank’s world­wide tech chief, Lori Beer, appar­ent­ly empha­sized the pow­er and poten­tial of these tools at the company’s annu­al investor con­fer­ence ear­li­er this com­ing week.


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