JP Morgan Chase builds chatbot with investment suggestions

JP Morgan Chase, the US bank and the world’s third largest publicly traded company, has filed a trademark application for IndexGPT. The chatbot is designed to answer questions about finance and investments.

On May 11, the United States Patent Office issued a “Trademark/Service Mark Application(English: “Application for a trademark/service mark”).

The trademark is registered for three areas: firstly, advertising as well as business management, organization and administration, and secondly, financial services as well as monetary transactions and banking services. The third area is providing limited-time use of online, non-downloadable cloud computing software that uses artificial intelligence for computer software that in turn makes stock and financial asset selections – and SaaS applications that use AI for generative, pre-trained Use transformer models in financial services. It also includes “SaaS services with security analysis and selection software tailored to the client’s needs.”

There are no exact details about what the chatbot should be able to do – JP Morgan Chase has not yet made a public statement on this. However, the registration suggests that the chatbot is primarily intended to provide financial and investment advice.

Trademark attorney Josh Gerben suspects opposite CNBC: If a brand name is already pending, then JP Morgan Chase has a potential product to launch in the near future. Not only would a company like JP Morgan Chase not trademark for fun, IndexGPT must be launched within three years of approval to secure the trademark.

in one Letter to Shareholders writes CEO Jamie Dimon: “AI and the raw material that feeds it, data, will be critical to the future success of our business – the importance of implementing new technologies cannot be overstated.”

In addition, JP Morgan Chase currently has more than 300 AI use cases in the areas of risk, acquisition, marketing, customer experience and fraud prevention. To this end, AI is already being used in payment processing and money transport systems worldwide.

As with many AI tools, fear also arises here: will the chatbot replace financial advisors?

JP Morgan Chase is not the only company using chatbots for financial advice. For example, there is StockGPT by investment manager Alec Corum. The chatbot is described on the website as an “AI-powered search tool” with “knowledge of all earnings releases from all SP500 companies for every quarter and year available.”

StockGPT advertises that there are no hallucinations, that new reports are added as soon as they are publicly available, and that it is able to analyze entire industries. For example, StockGPT can answer the question: “How has inflation affected the automotive industry in 2022?” StockGPT has been live since May 25 and is available as a free version with limited features or for $20 a month.

Morgan Stanley also has middle announced in Marchto test GPT-4 as a consulting chatbot for financial advisors. The chatbot accesses Morgan Stanley data and is said to be able to process large amounts of data and prepare it in an easy-to-understand answer – which in turn should help financial advisors to advise their clients.

In April lay fortune also an internal message from Marco Agenti, Chief Information Officer at Goldman Sachs, to the engineering department. He suggested creating a chatbot, ChatGS, that would help bank employees store knowledge and answer their questions.

Chatbots are also on the rise in other areas of finance: So developed Ey For example, with Azure OpenAI and Microsoft Cloud, a payslip chatbot – employees can ask questions about their payslips, among other things.