JP Morgan files trademark for finance chatbot in US
JP Morgan Chase has applied for a trademark for an AI chatbot called “IndexGPT” that is focused on finance. The trademark application, filed earlier this month with the US Patent and Trademark Office, suggests that the tool will help investors choose financial securities and assets.
The AI chatbot is expected to provide advice on “financial investment in the field of securities” and “funds investment”, as well as “advertising” and “marketing services”.
JP Morgan’s move comes after a survey in February revealed that over half of institutional traders believed that artificial intelligence and machine learning would play a major role in shaping the future of trading over the next three years. Trademark attorney Josh Gerben suggested that JP Morgan’s decision to file a trademark for the chatbot indicates that the bank plans to launch a new AI product for investors.
“Companies like JPMorgan don’t just file trademarks for the fun of it. This sounds to me like they’re trying to put my financial advisor out of business.”
In addition to the new AI-powered finance chatbot, JP Morgan has also developed an in-house AI tool called Contract Intelligence (COiN) that extracts important information from documents and contracts. The AI model, created by JP Morgan’s economic analysts, analyses the US Federal Reserve’s communications to predict its next decision.
JP Morgan’s CEO, Jamie Dimon, has praised the bank’s AI technology, stating that the bank has 200 people working in AI research labs and is already using it for risk management, fraud detection, marketing, and prospecting. He called it “extraordinary”.
More Financial Firms Join the AI Race
JP Morgan is not the only financial institution utilizing AI technology. Morgan Stanley is also developing tools to help its wealth managers better understand the bank’s research on the economy and markets. Goldman Sachs is considering integrating its own chatbot for financial advisors to sort through data and offer accurate results to clients.
In March, a UK-based AI engineer named Mayo Oshin developed a bot named after Warren Buffett to analyze large financial documents. However, as AI technology becomes more widespread, concerns about its potential dangers are also growing. The Center for Artificial Intelligence and Digital Policy has filed a complaint with the FTC to halt the commercial release of GPT-4, citing privacy and public safety concerns. A group of tech experts and industry executives also signed an open letter calling for a six-month pause in developing systems more powerful than GPT-4, citing potential risks to society.