JPMorยญgan Chase is reportยญedยญly makยญing a whole lot of stride towards AI-driยญven finanยญcial serยญvices by develยญopยญing an artiยญfiยญcial intelยญliยญgence softยญware serยญvice offerยญing cusยญtomers financยญing advice. Reports by a report by CNBC, the new serยญvice, dubbed IndexGยญPT, draws inspiยญraยญtion from OpenAIโs ChatยญGยญPT techยญnolยญoยญgy, which employs large lanยญguage modยญels to genยญerยญate human-like text accordยญing to input queries.
CNBC reveals that the bankยญing beheยญmoth, headยญquarยญtered in New York, has recentยญly filed for a tradeยญmark for IndexGยญPT, sigยญnalยญing its comยญmitยญment to this innoยญvยญaยญtive deal. As per the tradeยญmark appliยญcaยญtion, IndexGยญPT will leverยญage โcloud comยญputยญing softยญware using artiยญfiยญcial intelยญliยญgenceโ to anaยญlyze and select secuยญriยญties that best meet cusยญtomer requireยญments.
The CNBC post points out although banks such as Goldยญman Sachs Group and Morยญgan Stanยญley have begun experยญiยญmentยญing with the techยญnolยญoยญgy for interยญnal use in the finanยญcial secยญtor, JPMorยญgan Chase may be the 1st traยญdiยญtionยญal finanยญcial instiยญtuยญtion to offer a GPT-like prodยญuct directยญly to its cusยญtomers.
Josh Gerยญben, a tradeยญmark attorยญney based in Washยญingยญton D.C., informed CNBC that the tradeยญmark app sigยญniยญfies JPMorganโs intenยญtion to launch the prodยญuct in the near future. The bank will must launch IndexGยญPT withยญin approxยญiยญmateยญly 3 years of approval to secure the tradeยญmark.
The IndexGยญPT serยญvice is expectยญed to employ Genยญerยญaยญtive Pre-trained Transยญformer (GPT) modยญels, the same type of Artiยญfiยญcial Intelยญliยญgence (AI) ChatยญGยญPT uses. This move by JPMorยญgan Chase could mark a potenยญtial shift in the finanยญcial adviยญsoยญry landยญscape, with AI-powยญered serยญvices potenยญtialยญly chalยญlengยญing the role of traยญdiยญtionยญal finanยญcial adviยญsors.
The report likeยญwise menยญtions that regardยญless of the develยญopยญment of simยญple roboadยญviยญsor serยญvices by wealth manยญageยญment corยญpoยญraยญtions, human adviยญsors have conยญtinยญued to gathยญer bilยญlions of dolยญlars in assets, but the introยญducยญtion of AI-powยญered serยญvices like IndexGยญPT could potenยญtialยญly disยญrupt this trend.
In the end, CNBC reveals that JPMorยญgan Chase, which employs 1,500 data sciยญenยญtists and machine-learnยญing engiยญneers, is explorยญing numerยญous use casยญes for GPT techยญnolยญoยญgy. The bankโs worldยญwide tech chief, Lori Beer, apparยญentยญly emphaยญsized the powยญer and potenยญtial of these tools at the companyโs annuยญal investor conยญferยญence earยญliยญer this comยญing week.
