JPMorgan developing AI tool for financial advice
'IndexGPT' is the name JPMorgan Chase is seeking to trademark
Lerer Hippeau Ventures managing partner Eric Hippeau gives his take on how investors should respond to the development of AI on 'The Claman Countdown.'
An application that JPMorgan Chase recently filed with the U.S. Patent and Trademark Office (USPTO) indicates the bank potentially has plans for an artificial intelligence (AI) feature for choosing securities and assets.
The application, first reported by CNBC, seeks a service trademark for "IndexGPT." JPMorgan Chase submitted it just over two weeks ago, on May 11, according to the USPTO status page for it.
FOX Business reached out to JPMorgan Chase for comment.
Some of the things the bank appears to want to trademark it for include "compiling, providing and updating an index of securities values"; "business consultation regarding securities investing"; and "financial investment in the field of securities," the application states.
Pedestrians walk past the JPMorgan Chase headquarters in New York on March 17, 2008. (DON EMMERT/AFP via Getty Images / Getty Images)
In a portion of the application, it lists another thing the mark could be for as "providing temporary use of on-line non-downloadable cloud computing software using artificial intelligence for use in computer software selection of financial securities and financial assets."
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GPT, which appears in the name of "IndexGPT," typically stands for the AI language model Generative Pre-trained Transformer.
The USPTO website says the trademark application has not yet been assigned to an examiner for review.
JPMorgan Chase CEO Jamie Dimon recently said AI would be "critical" to the bank’s future success in his letter to shareholders included in the company’s most recent annual report, adding, "The importance of implementing new technologies simply cannot be overstated."
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"We already have more than 300 AI use cases in production today for risk, prospecting, marketing, customer experience and fraud prevention, and AI runs throughout our payments processing and money movement systems across the globe," he said.
Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., speaks during the Institute of International Finance annual membership meeting in Washington, D.C., on Oct. 13, 2022. (Ting Shen/Bloomberg via Getty Images / Getty Images)
He also said at the time that JPMorgan Chase was "imagining new ways to augment and empower employees with AI through human-centered collaborative tools and workflow, leveraging tools like large language models, including ChatGPT," according to the letter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 244.94 | +4.14 | +1.72% |
ChatGPT is the wildly-popular AI chatbot created by OpenAI and backed by Microsoft.
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With the AI field heating up, some companies have recently been bringing AI integrations for their products. Those include Microsoft, Spotify, Amazon, Expedia, Snapchat and Salesforce.
Tim Nerozzi contributed to this report.