JPMorgan Chase is reportedly developing an artificial intelligence tool similar to ChatGPT that provides investment advice to customers. According to a trademark application filed with the US Patent and Trademark Office, the tool, called IndexGPT, uses cloud-based software to analyze financial securities and select those that best serve the customer’s needs. While the tool has not been made public, CNBC reported that it could lead to the replacement of traditional human financial advisors. Other banks, such as Goldman Sachs and Morgan Stanley, have been exploring the use of OpenAI’s ChatGPT, which can respond to queries in a human-like manner.
JPMorgan Chase is one of the largest financial institutions in the world, offering a range of financial services, including banking, asset management, and investment banking. The bank has a strong reputation for innovation and has been investing heavily in technologies, including artificial intelligence, to enhance its offerings to customers.
Trademark lawyer Josh Gerben has commented on JPMorgan’s plans to develop an AI tool that could replace financial advisors. He said this technology could put traditional human advisors out of business. Gerben is the founder of Gerben Law Firm, which specializes in trademark law and intellectual property law. He has been providing guidance to companies on their branding and intellectual property strategies for over 20 years.
Step-by-step guide: How to understand JPMorgan’s IndexGPT
1. JPMorgan Chase has filed a trademark application for a new financial AI tool called IndexGPT.
2. IndexGPT uses cloud-based software and generative pre-trained transformer (GPT) models for financial services to analyze and select securities tailored to customer needs.
3. CNBC reports that the tool could potentially replace traditional human financial advisors.
4. Other financial institutions, such as Goldman Sachs and Morgan Stanley, have been exploring the use of ChatGPT, an AI tool that can respond to queries in a human-like manner.
5. It is unclear when JPMorgan’s IndexGPT will be made available to customers.
