JPMorgan, an American banking institution, has recently filed a trademark application for a ChatGPT-style tool. The filing, which was reported on by CNBC on May 11, states that the artificial intelligence-based system is set to be deployed in providing investment advice. This decision is in line with the bank’s efforts to develop AI-backed tools, outlined by CEO Jamie Dimon in his annual letter to shareholders. According to the letter, JPMorgan claimed to be utilizing AI for various use cases, including risk, marketing, customer experience and fraud prevention.
The bank has already created an AI model that uses 25 years-worth of U.S. Federal Reserve statements in order to detect potential changes in the financial climate. Moreover, JPMorgan’s global chief information officer Lori Beer reported good progress on AI projects during the bank’s annual investor day just last week, indicating that they are on track with delivering their $1 billion goal.
The launch of ChatGPT is highly competitive within the industry, inspiring tech giants such as Goldman Sachs and Morgan Stanley to create their own AI startups. Despite this, multiple banks, including JPMorgan, Citigroup, Bank of America and Deutsche Bank, have banned employees from using ChatGPT, citing the usual restrictions for third-party software.
Bill Gates has recently made the claim that the application of Artificial Intelligence will soon render Google Search and Amazon obsolete. OpenAI’s Sam Altman has additionally threatened to leave any nation within the EU whose regulations governing ChatGPT will not meet his standards.
In conclusion, Artificial Intelligence is having a major impact on the banking world, and competition between tech giants has been fierce. The trademark application from JPMorgan serves as a sign of AI’s major progress within the banking world, and the future is sure to be full of interesting developments.
