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It has been called revolutionary for neural networks due to its ability to accurately analyze data, generate images, videos, text, and code, as well as answer complex questions and even take exams. Experts said that if the pace of AI development does not slow down, over time the new technology could replace up to 300 million skilled workers in the global labor market.
The financial sector has not been developed. Big banks have already started testing AI and building their own products based on it, which can help them analyze securities and offer stocks to investors.
Finam.ru talks about how global banks are adapting generative AI to work in the market and building their tools based on it.
JPMorgan Chase is developing a service to select the Investment Index GPT.
Recently, it was learned that the US financial institution JPMorgan Chase has filed an application for the registration of the IndexGPT trademark with the US Patent and Trademark Office. CNBC reports that it is a software service that can be used to "select securities and financial assets.
" The move is a "real sign" that JPMorgan may soon launch an AI-powered product for investors, trademark attorney Josh Grubbin told CNBC. "Companies like JPMorgan don't register trademarks just for fun," he commented. JPMorgan must launch IndexGPT within about three years of approval for trademark protection, according to counsel. He notes that it usually takes about a year to get trademarks approved because of delays in the department.
Index GPT can do more than just advise investors. JPMorgan's trademark application, for example, includes technology for investing in funds. According to experts, AI services can potentially be used in various fields: from advertising and marketing services to clerical and administrative tasks.
JPMorgan has filed an application for IndexGPT for three separate international classes of trademarks. According to the US Trademark and Patent Office, the former is for advertising and business services, the latter for insurance and financial services, and the third for computer and scientific services.
JPMorgan Chase declined to comment on the company's bid, so it's unclear when the new technology will go live.
However, IndexGPT is not JPMorgan's first foray into artificial intelligence. In April, economists at the investment bank began using the AL model, which analyzes Federal Reserve messages, to predict the central bank's next moves. The company's CEO, Jamie Dimon, praised the latest developments in the field of artificial intelligence.
"We're already using AI to manage risk, fraud, marketing, customer acquisition — and that's just the tip of the iceberg," he said.
How are other banks using AI?
If JPMorgan Chase can pioneer its own tool based on generative AI, other major banks, although they have not yet set their sights on developing similar systems, have already adopted new technologies. Testing has started.
According to Yahoo! Finance, asset management companies, including Morgan Stanley and Bank of America's Merrill, offer the convenient services of robotic consultants. However, they are not yet able to replace live financial advisors. In these companies, people still accumulate more billions of dollars in assets than robots.
In March, Morgan Stanley announced it was developing tools to help asset managers better understand and understand a vast body of research on economics and markets. Goldman Sachs, which is considering the possibility of building its own AI-based technology, ChatGS, plans to do just that. This is expected to help financial advisors sort through data and better serve clients.
"Fenom AI Screener" helps simplify stock selection.
Finam is testing AI technologies for securities selection. It is based on 6 machine learning prediction models. They take into account macroeconomic indicators from Russia and the US as well as key market indicators.
Al Screener analyzes the upside and downside and predicts stock price and profitability. It shows which securities are likely to be defensive - they will fall lower or rise as the index declines and identifies favorites and outliers.
AI predicts dividend yields and shows securities that have the highest potential for dividend growth. In addition, he can calculate the company's net profit in a year and highlights the things that will sustain the profit growth.
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