Mumbai: The AI-powered chatbot of JP Morgan Chase, which is said to be similar to ChatGPT, will help customers make investment decisions. JPMorgan might be the first financial institution to offer a GPT-like product directly to its customers.
The launch date is still unknown, but the trademark filing indicates that it may happen soon. Since the bank has up to three years from the approval of the trademark to launch IndexGPT.
The chatbot trademarked as “IndexGPT,” will use cloud computing software and AI to analyze and select securities that fit the customer’s specific needs, helping them select financial securities specifically tailored for them.
According to Lori Beer, the global technology chief at the company, JP Morgan is also working on other AI products. During their annual investor conference, she mentioned that the bank is testing various use cases for AI technology.
The bank has a team of 1,500 data scientists and machine-learning engineers. The team is currently testing various applications for GPT technology and are exploring the potential of GPT and large language models to offer value to the company. Beer emphasized the importance of A.I. in this context and the commitment to fully explore these tools’ possibilities.
JP Morgan Chase is among the companies, including Apple, Samsung and others who have restricted the use of ChatGPT and other similar AI chatbots, at the workplace over privacy concerns.
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