JPMorgan Chase recently announced its plans to develop artificial intelligence (AI) software for investment advice, drawing inspiration from OpenAI’s ChatGPT frenzy. In the latest development, the company applied for a trademark for a product called IndexGPT, which is expected to utilize cloud computing software alongside AI for analyzing and selecting securities targeted to customer needs.
Several banks such as Goldman Sachs Group, Inc (NYSE: GS) and Morgan Stanley (NYSE: MS) have already started to test the technology in their internal operations. MSFT-backed OpenAI’s ChatGPT has created a flutter in numerous industries, leading to a fear that employees might eventually be replaced by AI.
JPMorgan, which currently has 1,500 data scientists and machine-learning engineers, is in the process of testing the potential of the GPT technology for various use cases. Global Tech Chief Lori Beer made this revelation in its annual investor conference. AI has the potential to significantly maximize long-term US profit margins, according to Goldman Sachs strategists.
JP Morgan is one of the biggest banking, financial services, and investment companies based in the United States. It is the eighth biggest company in the US and is known around the world for its innovative and industry-defining financial services.
Lori Beer is the Chief information and internet officer for JP Morgan. She joined the company in 2010 and has honed the firm’s digital transformation and global technology strategy. Beer has worked with business, technology, and operations teams, which has helped to accelerate the digital initiatives of the company.
