The largest bank in the United States, JPMorgan Chase, filed a trademark application with the U.S. Patent and Trademark Office (USPTO) for a product they called IndexGPT. It is based on the use of artificial intelligence (AI) applied to finance.
The application was filed on May 11 of this year by the well-known bank. According to the description of the product in the USPTO, it is a tool whose purpose is to provide investment advice to its users.
IndexGPT is based on a pre-trained generative transformer model (GPT), similar to ChatGPT. This uses cloud computing and data analytics to select and recommend securities tailored to customers’ needs and profiles.
IndexGPT is still under development and, at the moment, there is no information on its official launch date. It is also not known if it will be an exclusive tool for JP Morgan Chase employees or if its clientele will have direct access to it.
If the launch of IndexGPT achieves an impact equivalent to that of ChatGPT, it could bring about a revolution in the financial sector. This is because it would offer personalized, instant, artificial intelligence-based advice.
Jamie Dimon, CEO of JPMorgan Chase, spoke about artificial intelligence in a letter to the institution’s shareholders in April this year. In it, he said that “AI and the raw material that fuels it, data, will be critical to the future success of our business.”
This statement by the executive reflects the bank’s interest in taking full advantage of the latest technological advances.
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