The media reports that JPMorgan Chase has begun the process of implementing its own digital product based on generative artificial intelligence.
The journalists also released information according to which the mentioned financial institution, which is one of the largest in the United States, told its employees that its own version of OpenAI ChatGPT can do the work of a research analyst.
JPMorgan Chase has provided employees of the asset and wealth management unit with access to a large language model called the LLM Suite. The relevant information was made public by journalists on Friday, July 26. In this case, media representatives refer to the contents of an internal memo distributed to employees of a financial institution.
According to information released by journalists, about 50,000 employees of the bank currently have access to the LLM Suite. The relevant data was reported by insiders.
It is worth noting that the use of artificial intelligence in the financial industry is gradually becoming a tendency, which is showing signs of scaling. AI increases the level of efficiency and productivity. The list of work tasks that artificial intelligence can handle within the framework of its use in the financial industry is gradually expanding. Banks, realizing the effectiveness of advanced technology, are moving in the appropriate direction. For example, Morgan Stanley, one of the largest investment financial institutions in the United States and a competitor of JPMorgan Chase, announced in September the launch of a partnership with OpenAI. At that time, the mentioned bank launched a chatbot based on generative artificial intelligence.
As we have reported earlier, JPMorgan Unveils IndexGPT.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
