JPMorgan developing ChatGPT-like A.I. investment advisor
JPMorgan Chase, one of the largest banks in the US, is reportedly developing an artificial intelligence (AI)-powered investment selection tool called IndexGPT. The tool would be similar in design to the popular and highly successful OpenAI’s ChatGPT. JPMorgan Chase’s tool will be developed using its AI-powered Generative Pre-trained Transformer (GPT) models, which will analyze and select securities tailored to meet customers’ needs. IndexGPT would be the first GPT-like product directly offered to customers by a financial service provider.
The filing specifies that IndexGPT uses the same flavor of AI popularized by ChatGPT. JPMorgan Chase must release its product within three years of approval to secure the trademark. The trademarks typically take nearly a year to be approved due to backlogs at the US Patent and Trademark Office.
JPMorgan Chase’s global tech chief, Lori Beer, says the company is testing “a number of use cases” for GPT technology, including all methods that can provide value to the company. It employs 1,500 data scientists and machine-learning engineers.
FAQs:
– What is IndexGPT?
IndexGPT is an artificial intelligence (AI)-powered investment selection tool designed by JPMorgan Chase. It uses a similar AI-powered Generative Pre-trained Transformer (GPT) model as OpenAI’s ChatGPT to analyze and select securities tailored to customers’ needs.
– What makes IndexGPT unique?
IndexGPT would be the first GPT-like product directly offered to customers by a financial service provider.
– How long does JPMorgan Chase have to release IndexGPT after approval?
JPMorgan Chase has three years from approval to release its product to secure the trademark.
– How many data scientists and machine-learning engineers does JPMorgan Chase employ?
JPMorgan Chase employs 1,500 data scientists and machine-learning engineers.
JPMorgan to construct an A.I. investment advisor akin to ChatGPT.
JPMorgan Chase CEO Jamie Dimon is planning his first visit to mainland China in four years, coinciding with the American bank’s preparation to host three conferences in Shanghai at the end of May. The bank is also reportedly developing a ChatGPT-like software service that uses artificial intelligence (AI) to select investments for its customers. JPMorgan has applied to trademark a product called IndexGPT, which is set to leverage “cloud computing software using artificial intelligence” for “analyzing and selecting securities tailored to customer needs”. According to trademark attorney Josh Gerben, the filing includes “a sworn statement from a corporate officer essentially saying, ‘Yes, we plan on using this trademark’”. However, the bank declined to comment on the reports. While roboadvisor services exist in wealth management, fears of technology replacing financial advisors “have largely yet to materialize”.