By Michael Scott
JPMorgan unveils an autonomous in-house generative AI chatbot from external technology, OpenAI and Google Gemini.
JPMorgan announced the rollout of its own AI chatbot for its analysts’ teams to use for general productivity. The banking giant conveyed via an internal memo the tool as LLM Suite as ChatGPT like. The tool is utilized to help analysts execute various tasks, including document summaries, generating ideas, and writing.
Sources privy to the development informed The Financial Times that 15% of the staff will access the new tool. JP Morgan has yet to respond to the new AI chatbot. The internal memo described the LLM suite as the research analyst that offers solutions, advice, and information on select topics.
JPMorgan Launches AI Chatbot
The news of the AI chatbot follows the extremely bullish statements by the bank’s chief executive, Jamie Dimon, about artificial intelligence in 2023. Dimon revealed that the bank’s annual letter informing the shareholders that AI use would potentially augment virtually all jobs. The process could impact the workforce composition.
Dimon indicated that AI will reduce job categories and roles while creating others. Beyond general employee productivity, Dimon illustrated that AI will impact software engineering and customer services.
Mary Erdoes, who heads JPMorgan’s asset and wealth management, pledges that all starters will receive prompt engineering training. The training will help the newly recruited staff utilize the AI tools, building upon the investor event in June.
In May last year, JPMorgan applied for the US Patent and Trademark Office in readiness for the AI chatbot product identified as IndexGPT. The application indicates that the chatbot will analyze and select securities customized to the customer’s needs.
JPMorgan has yet to disclose the LLM Suite and whether it struggles with issues confronting other large language models (LLM), particularly in data hallucination.
JP Morgan hardly announces the analyst intake publicly, so estimating the impact on its recruitment policy is difficult. The news emerged after the Wall Street leading banks imposed restrictions on the staff regarding ChatGPT usage.
AI Integration in US Banks
The US enforces strict guidelines on the handling of financial data by banks, just as in other jurisdictions. The process yields difficulty and impossibility to utilize large language models such as OpenAI’s ChatGPT. Often, the LLMs store their data on servers outside their immediate control.
While JP Morgan’s new AI chatbot is potentially one of the largest that a US bank developed in-house, other Wall Street competitors have recently embraced artificial intelligence. In particular, most have integrated in-house AI tools with the technology from Microsoft-backed OpenAI.
Last month, the New York-headquartered investment bank Morgan Stanley confirmed rolling out a generative AI tool – Debrief. The Firmwide Artificial Intelligence head at Morgan Stanley, Jeff McMillan, considers the integration critical as it envisions a world where AI becomes an efficiency-enhancing layer.
Debrief involves an OpenAI-powered tool that yields notes with the client’s consent on a Financial advisor’ behalf during meetings and surface action items. It grants an interaction layer between colleagues and multiple applications in order execution, entry, reporting, and risk analysis.
McMillan considers the rollout to deliver first-hand real benefits for GenAI to financial practices. The executive finds the rollout as just the beginning of unlocking the true power harboured by the technology for Morgan Stanley.
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