There are already companies using this type of technology for internal use. However, the renowned financial institution points its new product to users.
JP Morgan is developing a artificial intelligence servicecalled IndexGPTwhich is characterized by offering investment advice to the users. This service will take advantage of a cloud computing software which uses AI to analyze and select securities based on the needs of each client.
other banks They have already started using this type of technology to internal use. This is, for example, the case of Goldman Sachswhich is using technology like ChatGPT to help developers automatically generate and test code. Morgan Stanley is another case of this type of use of AI, this company enabled a chatbot based on OpenAI to respond to inquiries from its 16,000 financial advisors.
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Bet. Giants like Google and Microsoft are investing millions of dollars to grow artificial intelligence.
JP Morgan innovation
The product of JP Morgan may be the first GPT-like financial product designed for use by retail clients. “This is a real indication that they may have a potential product to launch in the near future,” said trademark attorney Josh Gerben, adding that “companies like JPMorgan don’t register trademarks just for fun.”
In addition, the specialized lawyer said that the presentation of the product includes an “affidavit from a company manager” confirming that the bank intends to use the mark. Trademarks usually take about a year to be approvedafter which the bank will have three years to launch IndexGPT.
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In the framework of the first tests that are being carried out on the product, the bot referred to cryptocurrencies and memecoins. On the one hand, he stated that “the price of Bitcoin has the potential to rise after the Bitcoin halving in 2024, due to a “supply reduction”. [BTC]coupled with continued demand or increased market interest.
When asked about the future of the memecoins as Dogecoin, Shiba Inu or Pepethe bot said that its success is fueled by “brand recognition, celebrity endorsements, and online trends.”
Source: Ambito
