JP Morgan Files for Patent on IndexGPT, a Financial AI Companion Comparable to ChatGPT
In Brief
JPMorgan Chase has put in a trademark application for IndexGPT, a chatbot specifically crafted to address financial inquiries.
This bot is expected to play a role in marketing and advertising, serve as an indexing service for securities, and provide online financial data and investment guidance.
On May 11, JPMorgan Chase went ahead with a trademark application for IndexGPT, which is a chatbot designed to tackle queries about finance. As specified in the application, this chatbot will support financial marketing and advertising services, deliver online financial insights, investment advisory, and an index for security values. The information came from the United States Patent and Trademark Office's official communication.
"The future of our company heavily relies on AI and the data that powers it. The necessity of adopting new technologies can't be overstated,\" stated stated in a letter to shareholders by JPMorgan Chase's CEO, Jamie Dimon.
In February, JP Morgan carried out an investigation into AI and machine learning trends. The survey revealed that more than 50% of institutional traders anticipate that AI and ML will significantly influence trading in the next three years. Remarkably, over 2,000 data experts, scientists, and ML engineers at JP Morgan are actively working on enhancing AI capabilities.
JP Morgan isn't the first player to venture into AI-driven efforts. In March, Mayo Oshin introduced Buffet, a chatbot adept at analyzing extensive financial documents.
Since the advent of OpenAI’s GPT-4 technology, many businesses have begun to roll out AI-enhanced services. In April of this year, PricewaterhouseCoopers revealed announced their intention to leverage OpenAI’s technology to streamline segments of their tax audit and consulting operations.
Earlier this month, consulting firm KPMG alongside tech giant Microsoft initiated a collaboration collaboration aimed at delivering generative AI solutions for their Audit, Tax, and Advisory clientele across the U.S.
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