Expert in the field of international financial law Konstantin Kryvopust reports that JP Morgan Chase has filed a trademark application with the US Patent and Trademark Office for a financial artificial intelligence chatbot called “IndexGPT”.
According to applications filed earlier this month, the tool is designed to help investors choose financial securities and financial assets.
The app envisions the AI chatbot providing investment advice in “financial investment in securities” and “investment of funds,” as well as in “advertising” and “marketing services.”
The new filing comes after a February survey by JP Morgan found that more than half of institutional traders believe artificial intelligence and machine learning will be the most influential technology in shaping the future of trading over the next three years.
Commenting on the move, trademark attorney Josh Gerben said he believes JP Morgan’s choice to trademark the chatbot is a “real sign” of the launch of a new AI product for investors.
“Companies like JPMorgan don’t just file trademark applications for fun. Sounds to me like they’re trying to put my financial advisor out of business.”
In addition to a new financial chatbot based on artificial intelligence, the institution also introduced its own AI tool called Contract Intelligence (COiN) to extract important information from documents and contracts.
An AI model developed by economic analysts at JP Morgan analyzes messages from the US Federal Reserve System to predict the organization’s next decision.
JP Morgan CEO Jamie Dimon has been praising the technology for the past few years. In a recent interview with Bloomberg, he said :
“We have 200 people in AI research labs, and we’re already using it for risk, fraud, marketing, search — and that’s just the tip of the iceberg. For me, this is extraordinary.”
More financial firms are joining the AI race
However, JP Morgan is not the only financial firm taking advantage of AI technology.
Global investment bank Morgan Stanley has announced that it is developing tools to help its asset managers better understand a range of the bank’s research on the economy and markets.
In a similar venture, Goldman Sachs confirmed it is considering integrating its own chatbot for its financial advisers to allow them to sort through data and offer clients more accurate results.
In addition, in March, British artificial intelligence engineer Mayo Oshin developed a bot named Buffett to analyze large financial documents.
Meanwhile, as AI technologies continue to gain traction, voices warning about the potential dangers of such tools are also growing louder.
The Center for Artificial Intelligence and Digital Policy, a leading tech ethics group, recently filed a complaint with the FTC asking the agency to stop commercial releases of GPT-4, citing privacy and public safety concerns.
Earlier, a group of tech gurus, along with some artificial intelligence experts and industry executives, signed an open letter calling for a six-month freeze on development of systems more powerful than GPT-4, citing potential risks to society.
