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JPMorgan (JPM) Launches New AI Research Analyst Chatbot
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JPMorgan Chase & Co. (JPM - Free Report) launched a new generative artificial intelligence tool that acts as a research analyst and can provide information, solutions and advice, per a report in the Financial Times.
The bank’s own internal version of OpenAI’s ChatGPT, named LLM Suite, is now accessible to Asset and Wealth Management (AWM) segment employees. The tool is designed to assist with writing, idea generation, problem-solving using spreadsheets, summarizing documents via accessing third-party models, and more functions. The product has been made accessible to approximately 50,000 of the company’s 240,000 global employees.
The tool is meant for general-purpose productivity as it lacks AWM segment-specific knowledge.
LLM Suite is not JPM’s sole AI chatbot. It has two other tools, known as Connect Coach and SpectrumGPT, that are task-specific, contrary to LLM Suite.
JPM’s development of this proprietary tool is driven by the protocols that restrict its employees from using any consumer AI chatbots.
This move is in line with other large banks that have been experimenting with AI over the last year in order to boost employees’ productivity and mitigate costs. Citigroup Inc. (C - Free Report) projected in a June report that the technology could boost the total banking industry’s profits by 9% or $170 billion by 2028.
C stated it would equip its 40,000 coders to enhance their capabilities to experiment with different AI technologies. The bank used generative AI to skim through hundreds of pages of regulatory proposals.
Similarly, Morgan Stanley (MS - Free Report) launched a Generative AI chatbot last September in partnership with OpenAI, offering financial advisors a quick accessibility to entire MS’s intellectual capital. The AI tool allows its financial advisors access to its database of around 100,000 reports during client conversations.
JPM remains engaged in boosting its offerings and solutions via varied technological enhancements. Per a September 2023 Bloomberg report, the company plans to launch a blockchain-based deposit token for customers. The deposit token is expected to be first launched for corporate clients, allowing for instant payment settlements and economic transactions. Likewise, in August 2023, the bank introduced Tap on Pay on iPhone for merchants. This innovative solution eliminates the need for a dedicated payment card reader or additional hardware, enabling merchants to seamlessly accept contactless payments through their iPhones.
Over the past six months, shares of JPM have gained 37.7%.
Image: Bigstock
JPMorgan (JPM) Launches New AI Research Analyst Chatbot
JPMorgan Chase & Co. (JPM - Free Report) launched a new generative artificial intelligence tool that acts as a research analyst and can provide information, solutions and advice, per a report in the Financial Times.
The bank’s own internal version of OpenAI’s ChatGPT, named LLM Suite, is now accessible to Asset and Wealth Management (AWM) segment employees. The tool is designed to assist with writing, idea generation, problem-solving using spreadsheets, summarizing documents via accessing third-party models, and more functions. The product has been made accessible to approximately 50,000 of the company’s 240,000 global employees.
The tool is meant for general-purpose productivity as it lacks AWM segment-specific knowledge.
LLM Suite is not JPM’s sole AI chatbot. It has two other tools, known as Connect Coach and SpectrumGPT, that are task-specific, contrary to LLM Suite.
JPM’s development of this proprietary tool is driven by the protocols that restrict its employees from using any consumer AI chatbots.
This move is in line with other large banks that have been experimenting with AI over the last year in order to boost employees’ productivity and mitigate costs. Citigroup Inc. (C - Free Report) projected in a June report that the technology could boost the total banking industry’s profits by 9% or $170 billion by 2028.
C stated it would equip its 40,000 coders to enhance their capabilities to experiment with different AI technologies. The bank used generative AI to skim through hundreds of pages of regulatory proposals.
Similarly, Morgan Stanley (MS - Free Report) launched a Generative AI chatbot last September in partnership with OpenAI, offering financial advisors a quick accessibility to entire MS’s intellectual capital. The AI tool allows its financial advisors access to its database of around 100,000 reports during client conversations.
JPM remains engaged in boosting its offerings and solutions via varied technological enhancements. Per a September 2023 Bloomberg report, the company plans to launch a blockchain-based deposit token for customers. The deposit token is expected to be first launched for corporate clients, allowing for instant payment settlements and economic transactions. Likewise, in August 2023, the bank introduced Tap on Pay on iPhone for merchants. This innovative solution eliminates the need for a dedicated payment card reader or additional hardware, enabling merchants to seamlessly accept contactless payments through their iPhones.
Over the past six months, shares of JPM have gained 37.7%.
JPMorgan Chase & Co. Price
JPMorgan Chase & Co. price | JPMorgan Chase & Co. Quote
Currently, JPMorgan carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.