JP Morgan Chase Files Trademark for Finance-Themed Chatbot in US
cryptonews.comJP Morgan Chase has filed a trademark application with the US Patent and Trademark Office for a finance-themed AI chatbot named “IndexGPT.”
According to the application filed earlier this month, the tool is intended to assist investors in selecting financial securities and financial assets.
The application suggests the AI chatbot will provide investment advice in “financial investment in the field of securities” and “funds investment”, as well as in “advertising” and “marketing services”.
The new application comes after a February survey by JP Morgan revealed that more than half of the institutional traders believed artificial intelligence and machine learning would be the most influential technology in shaping the future of trading over the next three years.
Commenting on the move, trademark attorney Josh Gerben said that he believes JP Morgan's choice to trademark the chatbot is a “real indication” towards launching a new AI product for investors.
“Companies like JPMorgan don’t just file trademarks for the fun of it. This sounds to me like they’re trying to put my financial advisor out of business.”
Aside from the new AI-powered finance chatbot, the institution has also introduced an AI inhouse tool, called Contract Intelligence (COiN), to extract significant information from documents and contracts.
The AI model, inbuilt by JP Morgan's economic analysts, analyses the communications from the US Federal Reserve to predict the organisation's next decision.
JP Morgan’s CEO, Jamie Dimon, has praised the technology over the past couple of years. In a recent interview with Bloomberg, he said:
“We have 200 people in AI research labs and we’re already using it to do risk, fraud, marketing, prospecting — and it’s the tip of the
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