JPMorgan Chase (JPM), the biggest bank in the world, says it is developing an artificial intelligence-powered (AI) chatbot that will dispense investment advice to clients.
The New York-based lender, which runs a large investment banking unit, has applied to trademark a product called “IndexGPT” that will use artificial intelligence to analyze and select stocks tailored to the needs of its customers.
The viral success of the AI chatbot known as ChatGPT has forced industries to explore how they can use the technology for their benefit.
Other U.S. banks, including Goldman Sachs (GS) and Morgan Stanley (MS), have said they are testing AI for internal use.
JPMorgan Chase appears to be the first financial institution that plans to release a generative AI product for use by its customers.
Earlier this week, executives at JPMorgan Chase highlighted their progress in applying AI across the bank’s operations at an investor conference.
The bank, which employs 1,500 data scientists and machine-learning engineers, said it is testing several new artificial intelligence applications.
Financial advisors have expressed concerns about AI technology that could eventually displace them and their role in financial markets.
JPMorgan Chase’s stock has risen 5% in the last 12 months to trade at $135.67 U.S. per share.
