JPMorgan Chase & Co is working with US regulators and walking them through its first set of generative AI pilot projects to ensure all controls are in place, as the bank attempts to bound ahead of rivals in deploying artificial intelligence in the highly-regulated industry.
JPMorgan is currently testing AI applications that can generate earnings summaries for every company that the bank tracks, as well as a helpdesk service that provides precise problem-solving steps instead of merely sending customers links to related articles to address an issue, according to Beer. JPMorgan has applied to trademark IndexGPT, described in the application as a product offering investment advice to customers, but Beer said it was merely an application and not a product in development. “It’s not a tomorrow thing, it’s one of the spaces in which we’ve been working, and we want to protect our IP,” she said. JPMorgan also created a tool that scans speeches by Federal Reserve officials to detect policy shifts and glean signals for trading.
AI systems have been widely used for years, with banks spending billions to automate functions like trading, risk management, fraud detection and investment research. But the rise of generative AI tools has pushed banks to develop new offerings. Generative AI is expected to deliver up to $340 billion in annual value in the banking industry, including through productivity gains, according to McKinsey & Co Inc.
Source: Tech Daily Report (techdailyreport.net)
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