Banking large JPMorgan is venturing into the world of synthetic intelligence by submitting a patent for a possible ChatGPT competitor.
In a brand new submitting with the US Patent and Trademark Workplace (USPTO), the financial institution makes an attempt to trademark “IndexGPT,” a synthetic intelligence system that JPMorgan says will probably be used for enterprise and business 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 belongings” in addition to “analyzing and deciding on securities tailor-made to buyer wants.”
Final month, JPMorgan chief government Jamie Dimon careworn 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, will probably be essential 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 velocity. Native cloud-based approaches will in the end be sooner, cheaper and aligned with the latest AI strategies, and they’ll give us easy accessibility to always evolving developer instruments.
We’ve got 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 through the previous few years by decreasing retail fraud and enhancing commerce optimization.
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