IndexGPT’s business neural network will solve JPMorgan’s internal problems
Following in the footsteps of other companies, financial giant JPMorgan has decided to build its own business neural network. Based on generative AI, the solution will be used to optimise the company’s operations in various areas, including consulting, advertising and software for the financial sector.
The neural network will be called IndexGPT. The trademark has yet to be officially registered by the relevant authorities.
The head of JPMorgan is known for his loyal attitude towards artificial intelligence technology, which led the bank to develop its own product. In addition, the company has already identified around 300 tasks that IndexGPT will be able to solve. JPMorgan plans to use the neural network for risk assessment, customer service and more. The company also believes that AI will be excellent at preventing fraud and helping employees improve their productivity. According to Jamie Dimon, the bank’s CEO, now is the ideal time to embrace innovative technologies. And the sooner companies adopt them, the more the market will develop.
Despite JPMorgan’s optimism, not all companies share the bank’s interest in AI. Apple, for example, has placed restrictions on conversational AI, including ChatGPT. In a statement, the IT giant’s management expressed concern about the privacy risks that could arise from using AI in professional activities. Apple has banned Copilot, an AI tool developed by Microsoft’s GitHub to help people write software code.
Restricted the use of AI
It should be noted that JPMorgan restricted the use of ChatGPT in February 2023. In this case, the argument was that generative AI could not distinguish between false and true facts. As a result, when analysing information from the internet, the chatbot could produce misleading information that many users would perceive as accurate. The restrictions on ChatGPT are not controversial for the company. The decision falls within the standard list of prohibitions on using third-party software. Verizon Communications have also banned Open AI’s chatbot due to concerns about customer data leakage.
In January this year, ChatGPT became unavailable for use on school devices and internal networks in New York City schools. Schools and universities are expected to follow suit, as the number of student papers written by the bot has increased significantly with the advent of AI.
JPMorgan is actively working on IndexGPT, but there is no word yet on when it will be integrated into the bank’s internal processes or if it will be available to its partners.