JPMorgan Chase & Co (NYSE:JPM), the New York-based banking giant, is developing an artificial intelligence (AI) powered software service, akin to OpenAI's ChatGPT, to curate tailored investments for clients, according to an exclusive CNBC report.
The bank is poised to be the first major financial institution to offer a generative pre-trained transformer (GPT) modelled product directly to customers. The product, named IndexGPT, will leverage cloud computing software and AI for securities analysis.
JPMorgan has applied for a trademark for IndexGPT, indicating a possible launch in the near future, CNBC said.
The software service is anticipated to offer an innovative approach to asset management, potentially displacing traditional financial advisory roles. However, the bank declined to comment on the development.