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Financial giant JPMorgan Chase filed a trademark application for a finance-themed chatbot called IndexGPT earlier this month. According to the application filed on May 11 with the United States Patent and Trademark Office, the chatbot would be used for advertising and marketing services, an index of securities values, and online financial information and investment advice.
"AI and the raw material that feeds it, data, will be critical to our company’s future success," JPMorgan Chase CEO Jamie Dimon said in a letter to shareholders in April. "The importance of implementing new technologies simply cannot be overstated."
In a February survey by JP Morgan, more than half of the institutional traders surveyed said that artificial intelligence and machine learning would be the most influential technology in shaping the future of trading over the next three years.
As JP Morgan looks to leverage artificial intelligence in its financial systems, it said the company is dedicating over 2,000 data managers, data scientists, and machine learning engineers to build its AI capabilities, calling it "inextricably linked" with cloud-based systems, whether public or private and digital capabilities.
"Native cloud-based approaches will ultimately be faster, cheaper, and aligned with the newest AI techniques, and they will give us easy access to constantly evolving developer tools," Dimon said.
Since the public launch of OpenAI's ChatGPT in November and its latest version, GPT-4, in March, companies worldwide have been in a race to develop tools based around AI in what has been likened to an "arms race" by Berkshire Hathaway chairman and CEO Warren Buffett.
The financial industry has been particularly interested in AI's ability to process data. In March, an artificial intelligence engineer in the UK, Mayo Oshin, developed a bot named after Buffett to analyze large financial documents.
“Government needs to move faster,” Smith said during a Thursday morning panel discussion in Washington, D.C.
JP Morgan Chase declined Decrypt's request for comment.