According to reports, JPMorgan Chase is making significant strides towards AI-driven financial services by developing an artificial intelligence software service that provides customers with investment advice. 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 queries.
According to CNBC, the New York-based banking behemoth has recently filed for a trademark for IndexGPT, indicating its commitment to this innovative venture. According to the trademark application, IndexGPT will use “cloud computing software using artificial intelligence” to analyze and select securities that best meet customers’ needs.
According to the CNBC article, while banks like Goldman Sachs and Morgan Stanley have begun experimenting with the technology for internal use in the financial sector, JPMorgan Chase may be the first traditional financial institution to offer a GPT-like product directly to its customers.
According to Josh Gerben, a trademark attorney in Washington, D.C., the trademark application indicates JPMorgan’s intention to launch the product soon. The bank must launch IndexGPT within three years of approval to secure the trademark.
The IndexGPT service is expected to use Generative Pre-trained Transformer (GPT) models, the same type of AI that ChatGPT uses. JPMorgan Chase’s move could signal a shift in the financial advisory landscape, with AI-powered services potentially challenging traditional financial advisors’ roles.
Despite the development of simple Robo-advisor services by wealth management firms, human advisors have continued to amass billions of dollars in assets, according to the report. Still, 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 technology chief, appeared to emphasize the power and potential of these tools earlier this week at the company’s annual investor conference.