JPMorgan Chase is reportedly building a software service that operates similarly to the way ChatGPT works, which would utilize artificial intelligence to suggest investments for customers according to sources with CNBC. And JPMorgan Chase applied for a trademark for a product called IndexGPT – which reaffirms the rumors.
This is what the trademark application says:
Providing temporary use of (online) non-downloadable cloud computing software using artificial intelligence for use in computer software selection of financial securities and financial assets. Software as a service (SAAS) services featuring software using artificial intelligence for Generative Pre-trained Transformer models in the field of financial services. Providing consumer product information for the purpose of selecting artificial intelligence (AI) hardware and software to meet the consumer’s specifications; software as a service (SAAS) services featuring software for analyzing and selecting securities tailored to customer needs
OpenAI’s ChatGPT technology has fundamentally pushed forward digital transformations across businesses of all sizes. The technology uses massive language models for generating responses to questions. And the technology has a wide range of use cases, including financial markets. Goldman Sachs and Morgan Stanley are internally testing out ChatGPT for their own use cases as well. Along with offering human advisor services for their firms, Morgan Stanley and Bank of America’s Merrill (previously known as Merrill Lynch) provide robo-advisor platforms.
To secure this trademark, JPMorgan has to launch IndexGPT within about 3 years of approval. Also worth mentioning is that JPMorgan executives presented how artificial intelligence is being used across its operations at the annual investor conference earlier this week.
JPMorgan has 1,500 data scientists and machine learning engineers working at the company.
“We couldn’t discuss A.I. without mentioning GPT and large language models,” said JPMorgan Chase chief information officer Lori Beer via CNBC. “We’ve recognized the power and opportunity of these tools and are committed to exploring all the ways they can deliver value for the firm.”
