JPMorgan Chase is developing a software service similar to ChatGPT, leveraging artificial intelligence to provide investment advice to its customers, according to recent reports. The company has filed a trademark application for IndexGPT, which utilizes cloud computing software and AI to analyze and select securities tailored to customer needs.
The success of OpenAI’s ChatGPT technology has spurred interest and competition in AI, with companies exploring its potential applications across various industries. While other banks like Goldman Sachs and Morgan Stanley have been testing similar AI technologies for internal purposes, JPMorgan aims to release a GPT-like product directly to its customers, making it a potential first mover in the financial sector.
Trademark attorney Josh Gerben suggests that JPMorgan’s filing indicates a potential product launch in the near future. The filing includes a sworn statement from a corporate officer affirming their intention to use the trademark. JPMorgan would need to launch IndexGPT within approximately three years of trademark approval to secure the rights.
The filing specifies that IndexGPT utilizes the same AI flavor popularized by ChatGPT, powered by “Generative Pre-trained Transformer (GPT) models.” This technology aims to select financial securities and could potentially disrupt the role of human financial advisors.
Financial advisors have expressed concerns about the potential displacement of their role by technology. While roboadvisor services have emerged, human advisors at wealth management firms like Morgan Stanley and Bank of America’s Merrill continue to attract significant assets.
JPMorgan, which has a sizable team of data scientists and machine-learning engineers, is actively exploring various use cases for GPT technology. The bank’s focus on AI reflects its recognition of the power and opportunities presented by large language models like GPT.
JPMorgan does not yet comment on its plans for IndexGPT at this time.
