Banking giant JPMorgan is venturing into the world of artificial intelligence by filing a patent for a potential ChatGPT competitor.
In a new filing with the United States Patent and Trademark Office (USPTO), the bank attempts to trademark “IndexGPT,” an artificial intelligence system that JPMorgan says will be used for business and commercial purposes.
According to the filing, JPMorgan plans to use the AI for “use in computer software selection of financial securities and financial assets” as well as “analyzing and selecting securities tailored to customer needs.”
Last month, JPMorgan chief executive Jamie Dimon stressed the importance of AI in a letter to shareholders, saying that it is integral to the future of the firm.
“Artificial intelligence (AI) is an extraordinary and groundbreaking technology. AI and the raw material that feeds it, data, will be critical to our company’s future success – the importance of implementing new technologies simply cannot be overstated…
Our company needs the cloud for its on-demand compute capacity, flexibility, extensibility and speed. Native cloud-based approaches will ultimately be faster, cheaper and aligned with the newest AI techniques, and they will give us easy access to constantly evolving developer tools.
We have spent over $2 billion building new, cloud-based data centers and are working to modernize a significant portion of our applications (and their related databases) to run in both our public and private cloud environments.”
Dimon also outlined how AI has helped the company during the past few years by reducing retail fraud and improving trade optimization.
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