2023-05-26 08:08:35 ET
JPMorgan Chase ( NYSE: JPM ) appears to be developing a ChatGPT-like software service that helps customers select investments, according to a trademark application filing the bank made this month.
The bank applied to register the trademark "IndexGPT" for online "cloud computing software using artificial intelligence for use in computer software selection of financial services and financial assets," the filing said . The Software as a Service uses artificial intelligence for "Generative Pre-trained Transformer models in the field of financial services."
The success of large language model ChatGPT has spurred all kinds of companies to apply large language artificial intelligence models to their operations. And tech companies have been jockeying for position to compete against ChatGPT. Baidu ( BIDU ) on Friday said it will launch its next large language model chatbot, Ernie 3.5, very soon.
As for JPMorgan's IndexGPT, "this sounds to me like they're trying to put my financial advisor out of business," trademark attorney Josh Gerben told CNBC.
While wealth management firms have had simple robo-advisors for years, human financial advisors have continued to thrive.
JPMorgan ( JPM ) chief Jamie Dimon has long espoused the importance of investing in technology to not only keep up with, but beat, fintechs.
During the bank's Investor Day, the company highlighted its technology investments with plans to spend $7.2B on tech in 2023, up from $6.7B in 2022 and from $5.6B in 2021.
More on JPMorgan and tech:
- JPMorgan Chase aims to hire 2,000 tech workers in rest of 2022
- JPMorgan Chase invests in TRM Labs' crypto compliance, risk management tech
- JPMorgan to open new office in Athens, housing payments tech R&D
- JPMorgan gears up for fintech fight
For further details see:
JPMorgan Chase files for ChatGPT-like investment advice service