JP Morgan Chase has recently submitted an application to the U.S. Patent and Trademark Office for an artificial intelligence (AI) capability to aid in the selection of securities and assets.
As reported by CNBC, JPMorgan Chase has filed an application for a service trademark called “IndexGPT.” The application was sent to the USPTO approximately two weeks ago.
The bank aims to secure a trademark for various purposes related to “IndexGPT.” The activities the trademark will include are “compiling, providing and updating an index of securities values”; “business consultation regarding securities investing”; and “financial investment in the field of securities.”
Another potential utilization of “IndexGPT” was also apart of the application. Additionally, the trademark will be used for “providing temporary use of on-line non-downloadable cloud computing software using artificial intelligence for use in computer software selection of financial securities and financial assets.”
In his letter to shareholders, JPMorgan Chase CEO Jamie Dimon emphasized the significance of artificial intelligence. Dimon stated that it would be “essential” for the bank’s future achievements.
“We already have more than 300 AI use cases in production today for risk, prospecting, marketing, customer experience and fraud prevention. And AI runs throughout our payments processing and money movement systems across the globe,” he says.
According to the letter, Dimon adds that JPMorgan Chase is exploring new methods to enhance and enable employees using AI. This involves the utilization of human-centered collaborative tools and workflows, leveraging powerful language models like ChatGPT.
