Edition #20 - JPMorgan applies for patent on ChatGPT-like tech for investment advice
Yes, more #AI news. It’s not going anywhere anytime soon. It’s been a little over 6 months since #ChatGPT was launched to the public essentially being the first global-scale commercialized version of a large language model (LLM)AI.?
The rapid growth, adoption, and introduction of new AI tools within this time span feel genuinely longer than 6 months. When it comes to the application of such AI models in different industries, we’ve barely scratched the surface.
One interesting occurrence that is now taking place is in the #financialsector where JPMorgan(the biggest bank in the US) has applied for a patent on a ChatGPT-like tech for investment advice.?
#JPMorganChase filed an application on the 11th of May 2023 to #trademark a technology it calls IndexGPT. It would use ChatGPT-like #artificialintelligence to select investments for customers.?
There is some serious scope for disruption in the financial services industry with the use of technology like ChatGPT. The technology has caught the attention not just of companies but regulators, too. Consumer Financial Protection Bureau Director Rohit Chopra said last month his agency is monitoring how generative AI when used by banks, could undermine customer care or create risks such as bias.
There is no doubt that other banks, financial institutions, and #FinTech startups are already experimenting with GPT #technology and finding ways to integrate it within their products and services. But the fact that JPMorgan has begun the process of filing a trademark for a literary element of the mark means they will probably soon launch such a feature for their customers.?
If approved, IndexGPT would provide “temporary use of online non-downloadable cloud computing software using artificial intelligence for use in computer software selection of financial securities and financial assets,” according to the filing.
This would essentially mean an extremely smart prediction model based on past data and other factors that could tell you the right investments for a person’s specific risk appetite. It could be in the form of a SaaS model where the product would analyze and select securities tailored to your needs.
领英推荐
Other news plus good reads
Help us improve WhatTheFin
If you’ve reached this part of the article, we thank you for reading our newsletter.
We would be grateful if you could help us improve WhatTheFin with this small 2-minute survey by clicking here.