Mumbai, Mat 26: JPMorgan Chase is reportedly in the process of developing a software service similar to ChatGPT and has even applied for a trademark for a product named IndexGPT. The approval for such trademarks typically takes close to a year.

The newly developed service aims to utilize advanced artificial intelligence to assist customers in selecting investments. The applications for the service are intentionally vaguely described to allow for a wide range of possibilities. ChatGPT App for iOS Finally Available in India, Here's How iPhone Users Can Download and Use OpenAI Chatbot.

According to the trademark filing submitted to the U.S. Patent and Trademark Office, IndexGPT will employ cloud computing software and artificial intelligence to analyze and choose securities based on individual customer requirements. In order to secure the trademark, the company must launch IndexGPT within approximately three years of receiving approval.

Banks such as Goldman Sachs and Morgan Stanley are also experimenting with AI-based services for internal purposes. Their AI systems aid engineers in coding and provide financial advisors with responses to inquiries. However, JPMorgan might be the first to offer AI-powered financial services directly to its customers.

While JPMorgan has not officially commented on this matter, CEO Jamie Dimon has praised the AI technology as "extraordinary and groundbreaking." JPMorgan executives have also highlighted the company's advancements in utilizing AI across various operations during their annual investor conference. Google Search To Get Generative AI Capabilities: Search Engine Giant Starts Early Experiments.

Notably, JPMorgan currently employs 1,500 data scientists and machine learning engineers and is exploring "numerous use cases" for GPT technology and large language models.

(The above story first appeared on LatestLY on May 26, 2023 03:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).