Major bank eyes ChatGPT technology for investors
The generative AI frenzy around popular tools like the ChatGPT chatbot has spread to the financial services industry.
JPMorgan filed for the “IndexGPT” trademark earlier this month, according to documents filed with the U.S. Patent and Trademark Office.
The documents said the AI tool would be used to help consumers pick stocks. IndexGPT’s application said it would involve “the use of artificial intelligence for use in computer software screening of financial securities and financial assets.”
New technologies making it easier for people to buy and sell stocks have disrupted traditional commerce in recent years. In 2021, people who organize on social media websites such as Reddit pumped up stocks, including Gamestop, through the use of Robinhood, a free investing app available for download through eCommerce stores. apps from Apple and Google.
The ability of technological tools and social media to simplify users’ access to the stock market has led to a wave of retail investors that has upended the expectations of professional investors.
Online armies of retail investors have proven themselves to be early adopters of new technologies and have likely come across generative AI tools before.
For example, Meta and Snapchat have already made generative AI tools available to their audiences, including things like chatbots and high-quality text-to-video transformation.
How JPMorgan plans to use generative AI tools and the audience the company expects to attract are not fully known. The company declined to comment on Friday.
JPMorgan’s IndexGPT product has about three years from approval of its trademark application to launch its product, according to CNBC, which first discovered the company’s documents.
From Wall Street to Main Street, generative AI tools are growing.
Wendy’s said earlier this month it was experimenting with Google’s artificial intelligence tools to create a new drive-thru experience with a chatbot to talk with people ordering meals. Wendy’s FreshAI is set to debut at a Columbus, Ohio, area restaurant next month.
Along with companies’ efforts to innovate using new AI tools, the federal government is gearing up to regulate the AI industry.
President Biden’s White House Office of Science and Technology Policy has said it is developing a new “national AI strategy,” while Senate Majority Leader Charles E. Schumer is leading an effort to writing new AI rules on Capitol Hill. Big Tech giants Microsoft and Google applaud regulatory efforts.