Developing an AI app to offer investment advice: JPMorgan’s latest innovation

The American bank “JP Morgan”, one of the largest and most famous banks in the world, intends to use artificial intelligence methods to provide advice and advice to investors, so that this initiative will be the first of its kind in this field in the world.

According to the details published by the American Network (CNBC) and viewed by Al Arabiya.netJP Morgan has begun developing a software service or electronic application similar to (ChatGPT), and this service relies on artificial intelligence technology to select investments for customers.

The bank filed a trademark application for a product called IndexGPT this month, according to a New York-based bank, CNBC reported.

The application under development (IndexGPT) will provide investors with a range of services, including “analysis and selection of securities based on the needs of clients.”

The huge success of the OpenAI ChatGPT app last year has galvanized entire industries to fight the advent of AI. ChatGBT, which uses massive language models to create human-like responses to questions, has sparked a race between tech giants and chipmakers for what is considered the next fundamental innovation.

The information says that JPMorgan has already begun testing the smart app, but only for internal use, as it includes ways to help bank analysts code or respond to queries from financial advisors.

Washington-based trademark attorney Josh Gerbin said JPMorgan could be the first financial firm looking to launch a ChatGBT-like product directly to its customers.

“This is a real sign that they may have a potential product in the near future,” Gerbin continued. “Companies like JPMorgan don’t just offer brands for entertainment,” he added.

JPMorgan must launch IndexGPT within about three years of approval to protect the trademark, the lawyer said. He said trademark approval usually takes almost a year due to delays at the US Patent and Trademark Office.

Gerben said requests are usually written vaguely to give companies the widest possible protection.

But JPMorgan’s documentation clearly states that the app uses the same AI technology as GPT Chat.

“It’s artificial intelligence. Stock picking software,” Gerbin said. “I think they’re trying to put financial advisors out of business.”