JPMorgan Chase has filed a trademark application with the US Patent and Trademark Office for a finance-themed AI chatbot named “IndexGPT”.
According to Application Filed earlier this month, the tool aims to help investors select financial securities and financial assets.
The application reveals that the AI chatbot will provide investment advice in “financial investments in securities” and “wealth investments,” as well as in “advertising” and “marketing services.”
The new application follows a February survey by JP Morgan that showed more than half of institutional traders believe artificial intelligence and machine learning will be most influential in shaping the future of trading over the next three years. There will be technology.
Commenting on the move, trademark attorney Josh Gerben said he believes JPMorgan’s choice to trademark the chatbot is a “real signal” to investors towards launching a new AI product.
“Companies like JP Morgan don’t file trademarks just for fun. It looks to me like they are trying to put my financial advisor out of business.
In addition to the new AI-powered finance chatbot, the institute has also introduced an AI inhouse tool called Contract Intelligence (COiN) to extract key information from documents and contracts.
The AI model, built by economic analysts at JP Morgan, analyzes communications from the US Federal Reserve to predict the organization’s next decision.
JP Morgan CEO Jamie Dimon has praised the technology over the past few years. In a recent interview with Bloomberg, he Said,
“We have 200 people in the AI research labs and we are already using it to do risk, fraud, marketing, prospecting – and this is just the tip of the iceberg. This is extraordinary for me.
More financial firms join the AI race
JPMorgan, however, is not the only financial firm harnessing the power of AI technology.
Global investment bank Morgan Stanley has announced that it is developing tools to help its wealth managers better understand the mountain of research the bank conducts regarding the economy and markets.
In a similar venture, Goldman Sachs has confirmed it is looking at integrating its own chatbot for its financial advisors to help them sort through data and provide more accurate results to clients. .
Furthermore, in March Mayo Oshin, an artificial intelligence engineer in the UK, developed a bot named after Buffett to analyze large financial documents.
Meanwhile, as AI technologies become more widespread, voices warning against the potential dangers of such tools grow louder.
More recently, the Center for Artificial Intelligence and Digital Policy, a leading tech ethics group, filed a complaint with the FTC, asking the agency to block the commercial release of GPT-4, citing privacy and public safety concerns. where did it go.
Earlier, a group of tech gurus, along with some artificial intelligence experts and industry executives, signed an open letter calling for a six-month delay in developing systems more powerful than GPT-4, citing potential risks to society. A pause was called.