Financial giant JPMorgan Chase recently filed for a trademark application for a unique chatbot called IndexGPT. The application was filed on May 11 with the United States Patent and Trademark Office and aims to be used for advertising and marketing services, an index of securities values and online financial information and investment advice. JP Morgan’s Chief Executive Officer Jamie Dimon has highlighted the significance of implementing new technologies in the future, who noted in a letter to shareholders in April that “AI and the raw material that feeds it, data, will be critical to our company’s future success.”
A survey by JP Morgan in February found that over half of the institutional traders surveyed said that artificial intelligence and machine learning would be the most influential technology in the near future years in trading. To further capitalize and use artificial intelligence in its financial systems, the company said that it has dedicated over 2,000 data managers, data scientists, and machine learning engineers to build its AI capabilities. This directly links to cloud-based systems, either public or private, and digital capabilities.
The popularity of artificial intelligence has been rising in the recent period, with OpenAI’s ChatGPT being publicly launched in November, and its latest version, GPT-4, rolling out in March. This has sparked what is now deemed an AI Arms Race, as companies all over the world have been quick to develop tools in order to leverage emerging Artificial Intelligence technologies. In particular, the financial industry has been looking to utilize the processing power of AI through data. A.I engineer Mayo Oshin developed a bot named after investor Warren Buffett in March to analyze large financial documents.
However, many voices have been sounding the alarm about potential harms of unregulated Artificial Intelligence. Microsoft President Brad Smith has underscored the need for governments to act faster in addressing this issue, stressing the importance of reliable regulations with regards to the topic.
