JP Morgan Chase has recently filed a trademark application with the US Patent and Trademark Office for a new AI chatbot called “IndexGPT.” The purpose of this finance-themed chatbot is to assist investors in selecting financial securities and assets. The application indicates that the chatbot will provide investment advice in the areas of securities, funds investment, advertising, and marketing services.
This move comes after a survey conducted by JP Morgan in February, which revealed that over half of institutional traders believed that artificial intelligence and machine learning would be the most influential technologies in shaping the future of trading in the next three years.
JP Morgan’s Embrace of AI
Trademark attorney Josh Gerben believes that this trademark application is a significant indication that JP Morgan is preparing to launch a new AI product for investors. In addition to the AI chatbot, JP Morgan has also introduced an in-house AI tool called Contract Intelligence (COiN) that extracts valuable information from documents and contracts. This tool, developed by JP Morgan’s economic analysts, analyzes communications from the US Federal Reserve to predict the organization’s next decision.
JP Morgan’s CEO, Jamie Dimon, has expressed enthusiasm for technology throughout the years. In a recent interview with Bloomberg, he stated:
“AI will be crucial to enabling the next generation of banking and financial services and will be the single biggest change over the next ten years.”
Other Players in the AI-Driven Financial Industry
JP Morgan is not the only financial firm embracing AI technology. Morgan Stanley is currently developing tools to help their wealth managers make better sense of the vast amount of research conducted by the bank regarding the economy and markets. Similarly, Goldman Sachs is considering integrating its own chatbot for financial advisors to improve data sorting and offer more accurate results to clients.
Outside the realm of major financial institutions, AI engineer Mayo Oshin in the UK has developed a bot, named after Buffett, which analyzes large financial documents.
However, despite the increasing prevalence of AI technologies, concerns about their potential dangers also continue to grow. The Center for Artificial Intelligence and Digital Policy, a prominent tech ethics group, recently filed a complaint with the FTC, urging a halt to the commercial releases of GPT-4 due to privacy and public safety concerns. Additionally, a group of tech experts and industry executives signed an open letter advocating for a six-month pause in developing systems more powerful than GPT-4, citing potential risks to society.
While AI has the potential to revolutionize the financial industry and offer significant benefits, it is essential to address and mitigate the risks associated with these technologies.
