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.
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.
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.