JP Morgan's Tryst with AI

Gen AI has been quick to make a mark in numerous sectors globally and the banking sector is no exception. JP Morgan, a leading investment and commercial banking company, has recently launched its own chatbot, an in-house alternative to ChatGPT. Let’s dive straight into it!

Earlier this year, JPMC started rolling out the feature slowly and the latest group to get access to it is the Asset and Wealth Management Division of the company. Known as LLM Suite, the tool acts like a research analyst, with the aim of helping employees generate ideas, synthesize large documents, and prepare reports. Along with a phased rollout of LLM Suites, JPMC continues to increase investments for AI research by a dedicated specialist team.

This news is even more integral, as their rival investment bank Morgan Stanley has already entered into a partnership with Open AI in order to augment their employees with a chatbot service that puts together all of the intellectual capital of the company for quick perusal and analysis.

As world leaders of IB start to incorporate chatbots in their operations, the increasing role of Gen AI in the sector is nothing but undeniable. In fact, given the need for extensive analysis of gazillions of documents, AI can easily complement the work of financial firms and boost productivity.

Subscribe to AI For You for more such interesting updates! Help us spread the word by sharing the article on Twitter, Linkedin or Instagram :)