JPMorgan Chase, the renowned New York-based bank, is reportedly gearing up for its foray into the development of a software service that uses the power of cutting-edge artificial intelligence to guide investment decisions for its clients. According to a CNBC report, the financial giant has filed a trademark application for a product called IndexGPT.
According to the trademark filing, IndexGPT, similar to ChatGPT in functionality will essentially be a “cloud computing software using artificial intelligence.” It will be used for “analysing and selecting securities tailored to customer needs.”
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While it is unclear exactly which AI does the bank plan to use for the service, the filing reveals that it will use AI powered by “Generative Pre-trained Transformer (GPT) models.”
“Companies like JPMorgan don’t just file trademarks for the fun of it,” Josh Gerben, a Washington D.C.-based trademark attorney told the news website. The filing reads a “a sworn statement from a corporate officer essentially saying, ‘Yes, we plan on using this trademark.’”
While trademarks take nearly a year to approve, Gerben informed that the bank should ideally develop the AI service within three years of approval to secure the trademark.
The growing popularity of ChatGPT has convinced many companies to incorporate the power of superintelligence into their products and services. While JPMorgan Chase may be the first financial institution to offer ChatGPT-like services directly to customers, management firms like Morgan Stanley and Bank of America’s Merrill are already using AI-powered virtual assistant to assist users with banking.
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