US-based financial services company JPMorgan Chase is reportedly developing an artificial intelligence (AI)-powered software service to provide investment advice for customers.
The New York-based company has applied to trademark a product dubbed IndexGPT this month, reported CNBC citing a filing from the firm.
IndexGPT is expected to leverage cloud computing software utilising AI for the computer software, which is intended for the selection of financial securities and financial assets.
According to JPMorgan Chase’s trademark filing, the AI-driven investment advisor will be a software as a service (SAAS) offering featuring software by utilising AI for generative pre-trained transformer models in the field of financial services.
Besides, the filing states: “Providing consumer product information for the purpose of selecting artificial intelligence (AI) hardware and software to meet the consumer’s specifications; software as a service (SAAS) services featuring software for analysing and selecting securities tailored to customer needs.”
JPMorgan will become the first financial institution planning to launch a GPT-like product directly to its customers, reported the news agency, citing Washington DC-based trademark attorney Josh Gerben.
Gerben has been quoted by CNBC, as saying: “This is a real indication they might have a potential product to launch in the near future. Companies like JPMorgan don’t just file trademarks for the fun of it.”
IndexGPT is expected to be launched within nearly three years of approval to secure the trademark.
According to various reports, the new AI-powered software service will provide an innovative approach to asset management, possibly eliminating the conventional financial advisory roles.
In December 2022, J.P. Morgan Wealth Management introduced a free digital money coach called J.P. Morgan Wealth Plan to help customers with their finances.
