Banking big JPMorgan is venturing into the world of synthetic intelligence by submitting a patent for a possible ChatGPT competitor.
In a brand new filing with america Patent and Trademark Workplace (USPTO), the financial institution makes an attempt to trademark “IndexGPT,” a synthetic intelligence system that JPMorgan says shall be used for enterprise and industrial functions.
In line with the submitting, JPMorgan plans to make use of the AI for “use in laptop software program collection of monetary securities and monetary property” in addition to “analyzing and deciding on securities tailor-made to buyer wants.”
Final month, JPMorgan chief govt Jamie Dimon stressed the significance of AI in a letter to shareholders, saying that it’s integral to the way forward for the agency.
“Synthetic intelligence (AI) is a rare and groundbreaking expertise. AI and the uncooked materials that feeds it, information, shall be crucial to our firm’s future success – the significance of implementing new applied sciences merely can’t be overstated…
Our firm wants the cloud for its on-demand compute capability, flexibility, extensibility and pace. Native cloud-based approaches will in the end be quicker, cheaper and aligned with the latest AI strategies, and they’re going to give us easy accessibility to consistently evolving developer instruments.
We’ve spent over $2 billion constructing new, cloud-based information facilities and are working to modernize a good portion of our purposes (and their associated databases) to run in each our private and non-private cloud environments.”
Dimon additionally outlined how AI has helped the corporate in the course of the previous few years by lowering retail fraud and bettering commerce optimization.
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