Connect with us

Hi, what are you looking for?

Money

ChatGPT of investment advice is here, JPMorgan trademarks ‘IndexGPT’

American multinational financial services company JPMorgan Chase has applied to trademark a product called IndexGPT, indicating its development of a ChatGPT-like software service that uses artificial intelligence (AI) to select investments for customers.

ChatGPT of investment advice is here, JPMorgan trademarks 'IndexGPT
Credit: CNBCTV18

This comes more than a month after JPMorgan reported record revenue for its fiscal first quarter. It also recently bought the collapsed First Republic Bank – an acquisition that the lender expects will boost its annual profit by $500 million.

American multinational financial services company JPMorgan Chase has applied to trademark a product called IndexGPT, indicating its development of a ChatGPT-like software service that uses artificial intelligence (AI) to select investments for customers.

According to a report by CNBC, the filing in the New York-based bank reads as follows: IndexGPT will tap into “cloud computing software using artificial intelligence” for “analyzing and selecting securities tailored to customer needs.”

This comes more than a month after JPMorgan reported record revenue for its fiscal first quarter. It also recently bought the collapsed First Republic Bank – an acquisition that the lender expects will boost its annual profit by $500 million.

How AI Can Transform The Finance Industry?

Artificial intelligence has a wide range of possibilities in the finance sector. As per CNBC, banks including Goldman Sachs and Morgan Stanley have already begun testing it for internal use. The testing includes ways to help Goldman engineers create code or answer Morgan Stanley financial advisors’ queries, the report added.

Advertisement. Scroll to continue reading.

JPMorgan could be the first financial services company that builds a GPT-like product directly for its customers, the report quotes Washington D.C.-based trademark attorney Josh Gerben.

“This is a real indication they might have a potential product to launch in the near future,” Gerben said.

“Companies like JPMorgan don’t just file trademarks for the fun of it,” he said. The filing includes “a sworn statement from a corporate officer essentially saying, ‘Yes, we plan on using this trademark.’”

Disruption In The Financial Advisors’ Job Market?

The emergence of artificial intelligence has already ignited fears among several working professionals who consider it to be the death knell for their replacement in the market.

Even though wealth management firms such as Morgan Stanley and Bank of America’s Merrill offer simple Robo-advisor services, they haven’t stopped their human advisors from gathering billions of dollars more in assets.

Advertisement. Scroll to continue reading.

Executives at JPMorgan, earlier this week, touted their progress in applying A.I. across operations at the company’s annual investor conference.

The Chief Information Officer at JPMorgan, Lori Beer, has said that the bank, which employs 1,500 data scientists and machine-learning engineers, is testing “a number of use cases” for GPT technology.

ChatGPT of investment advice is here, JPMorgan trademarks 'IndexGPT'

Morgan Stanley is also planning to introduce a similar chatbot that will be able to answer financial advisors’ questions, CNBC has reported.

AI large-language tools – and ChatGPT in particular – have exploded in popularity this year, boosting the stock prices of companies such as Nvidia and Microsoft and driving the market higher.

In its current form, ChatGPT can generate generic investing advice about how to invest during a recession or the battle between the US dollar, the Chinese yuan, and other currencies.

But analysts say it struggles with what the investing legend Howard Marks calls second-level thinking – the ability to discern how other traders value a particular asset.

Advertisement. Scroll to continue reading.

ChatGPT “can tell you the things that everybody knows” but offers “very limited help when making an investment decision,” Morningstar CIO Dan Kemp told Insider in January.

“It provides factual answers that are descriptive and are generalized,” he added. “But it doesn’t ask questions like a good investment manager does.”

Written By

Sarthak Tiwari is currently pursuing a Computer Science Engineering degree at VIT Bhopal. As an active member of the Fintech Club, he serves as a content writer, contributing insightful articles on the intersection of finance and technology. With a keen interest in emerging technologies, he took the lead in organizing a successful blockchain event, bringing together industry experts and enthusiasts to explore the potential of this transformative technology.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Latest News

Best No Code App Builders

Digital Transformation

In the ever-evolving landscape of technology, the rise of No Code App Builders stands as a testament to the democratization of app development. Gone...

11 Best AI Image Enhancer & Upscaler Tools (February 2024) 11 Best AI Image Enhancer & Upscaler Tools (February 2024)

Artificial Intelligence

In a world flooded with digital photos, the demand for high-quality images is ever-growing. Whether you’re a social media enthusiast or a professional in...

Ram Mandir Ayodhya Ram Mandir Ayodhya

India News

Witness history unfold in Ayodhya as PM Modi inaugurates the majestic Ram temple, marking a monumental moment in Indian heritage.

Advertisement

You May Also Like

Mystery and History

The great imaginative minds have given birth to some of the most legendary and eye-popping hybrid mythological creatures.

Money

A complete system audit of the bank's IT system has also been ordered.

Empire Weekly Exclusive

Because of the character's widespread appeal, Iron Man has appeared in multiple comics, television series, and films.

India News

Saweety Boora produced a superb show against her Chinese opponent and was declared winner by points as India won both the finals scheduled for...