May 26, 2023 9:06 AM
Join top executives in San Francisco on July 11-12, to hear how leaders are integrating and optimizing AI investments for success. Learn More
JPMorgan Chase is developing a ChatGPT-like service to provide investment advice to customers, according to CNBC reporting, which found that the financial services company has applied to trademark a product called IndexGPT. The filing said IndexGPT will tap “cloud computing software using artificial intelligence” for “analyzing and selecting securities tailored to customer needs.
However, the generative AI product would just be a small part of JPMorgan’s larger AI ambitions.
Just this week, for example, JPMorgan’s global chief information officer Lori Beer said in an Investor Day presentation that the company is “ahead of our plan to deliver on our commitment to deliver $1 billion in business value through AI” this year alone.” She added that the firm has increased its artificial intelligence and machine learning use cases by more than 34% year over year, with more than 300 use cases in production and $220 million in positive revenue impact last year.
>>Follow VentureBeat’s ongoing generative AI coverage<<