JPMorgan Chase aims to develop a software service that uses disruptive artificial intelligence to help customers select investments. The company has applied to trademark the product called IndexGPT, which will use cloud computing software to analyze and choose securities tailored to customer needs.
IndexGPT: The First GPT-Like Product for Customers
JPMorgan Chase is likely to become the first financial incumbent to release a Generative Pre-trained Transformer (GPT)-like product directly to its customers. Washington-based trademark attorney Josh Gerben stated that the application is a real indication that the bank has a potential product to launch in the near future. Gerben added that companies like JPMorgan Chase do not file trademarks for the fun of it. The filing includes a sworn statement from a corporate officer, indicating that the bank plans to use this trademark. JPMorgan must launch IndexGPT within three years of approval to secure the trademark.
IndexGPT Uses ChatGPT AI Technology
According to the filing, IndexGPT will use cloud computing software using artificial intelligence to analyze and choose securities tailored to customer needs. The technology will use A.I. powered by “Generative Pre-trained Transformer (GPT) models,” the same AI technology popularized by OpenAI’s ChatGPT. The banks’ application specifies the use of this flavor of artificial intelligence, indicating its intention to create a GPT-like product for customers.
Implication of IndexGPT for Financial Advisors
Financial advisors have long feared the arrival of technology that is good enough to displace their role in markets. While some wealth management firms offer simple robo-advisor services, this has not stopped their human advisors from gathering billions of dollars more in assets. The creation of IndexGPT by JPMorgan Chase could potentially put financial advisors out of business.
JPMorgan Chase is developing IndexGPT, an AI software service that uses disruptive artificial intelligence to help customers select investments. The company is likely to become the first financial incumbent to release a GPT-like product directly to its customers. The software, which uses the same flavor of artificial intelligence popularized by OpenAI’s ChatGPT, will analyze and choose securities tailored to customer needs. The creation of IndexGPT by JPMorgan Chase could potentially put financial advisors out of business.
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