JPMorgan Chase Would Use A.I. Tool as an Investment Advisor

Earlier this month, JPMorgan Chase applied for a trademark product, IndexGPT, which helps its customers by providing financial advice. This product will be the result of a New-York based bank’s development process which will make a ChatGPT-like software. This will provide investment advice for its customers by using Artificial Intelligence (A.I.), as reported by CNBC.

The A.I.-Route Followed by JPMorgan Chase 

On May 11th, the New-York based bank filed a trademark application with the United States Patent and Trademark Office. As per the filing by JPMorgan Chase, the IndexGPT will control “cloud computing software using A.I. that analyzes and selects securities tailored to customer needs.” 

Besides JPMorgan Chase, Goldman Sachs and Morgan Stanley have also started testing the technology for its internal use. It can add multiple ways to help Goldman engineers to create a code or answer Morgan Stanley financial advisors’ queries.

In the finance industry, A.I. technology can provide its services by easing the work-flow. Meanwhile, the unexpected success of OpenAI’s ChatGPT has won almost everyone’s heart. Also, the worldwide adoption of A.I. tools for different uses also boosts its popularity. As a result, A.I. popularity worldwide has attracted the attention of many big players from different industries, and JPMorgan Chase is one of those.

The Statement of Washington D.C.-based Trademark Attorney

Josh Gerben, the Trademark Attorney, also shared a tweet in which he said this may be the first financial incumbent focusing on delivering a GPT-like product directly to its customers. He wrote in his tweet that “say goodbye to your financial advisor and hello to your A.I. bot.” Gerben also shared a link to JPMorgan’s trademark application for IndexGPT.

JPMorgan has filed a new trademark for:

IndexGPT

Per the filing, IndexGPT will be “software using AI for use in the selection of financial securities and financial assets.”

Say goodbye to your financial advisor and hello to your AI bot.#JPMorgan https://t.co/T8COYzLodb

— Josh Gerben (@JoshGerben) May 26, 2023

Gerben said about this New-York based bank that “this is a real indication they might have a potential product to launch in the near future.” He continued that “companies like JPMorgan don’t just file trademarks for the fun of it”, as the filing includes a sworn statement from a corporate officer essentially saying, “Yes, we plan on using this trademark.’”

The trademark attorney said that the bank must launch IndexGPT within nearly three years of approval to secure the trademark. As per his experience, the trademarks generally take almost a year to be approved due to the backlogs in the U.S. Patent and Trademark Office.

Furthermore, the trademark attorney added that “the applications are typically vaguely written to give companies the broadest possible protections.” Although, the filing of JPMorgan does specify that IndexGPT uses the same flavor of A.I. popularized by ChatGPT, while the New-York based bank plans to use A.I. powered by “Generative Pre-trained Transformer (GPT) models.”

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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