JPMorgan Chase Embraces ChatGPT-Inspired AI for Investment Advisors
According to reports, JPMorgan Chase is making significant strides towards AI-driven financial services by developing an artificial intelligence software service that provides investment advice to customers. According to CNBC, the new IndexGPT service is inspired by OpenAI’s ChatGPT technology, which uses large language models to generate human-like text based on input requests.
According to CNBC, the New York-based banking giant recently applied for a trademark for IndexGPT, demonstrating its commitment to this innovative venture. According to the trademark application, IndexGPT will use “cloud computing software using artificial intelligence” to analyze and select the securities that best suit customer needs.
According to the CNBC article, while banks such as Goldman Sachs and Morgan Stanley have started experimenting with the technology for internal use in the financial sector, JPMorgan Chase may be the first traditional financial institution to offer a product like GPT directly to its customers.
According to Josh Gerben, a trademark attorney in Washington, DC, the trademark application demonstrates JPMorgan’s intention to launch the product soon. Banks must launch IndexGPT within three years of approval to secure the trademark.
The IndexGPT service is expected to use the Generative Pre-trained Transformer (GPT) model, the same type of AI used by ChatGPT. JPMorgan Chase’s move could signal a shift in the financial advisory landscape, with AI-powered services potentially challenging the role of traditional financial advisors.
Despite the development of a simple robo-advisory service by a wealth management firm, human advisors continue to accumulate billions of dollars in assets, according to the report. However, introducing AI-powered services like IndexGPT could disrupt this trend.
Finally, according to CNBC, JPMorgan Chase, which employs 1,500 data scientists and machine learning engineers, is investigating various applications for GPT technology. Lori Beer, the bank’s global head of technology, appeared to emphasize the power and potential of the tool earlier this week at the company’s annual investor conference.