AI “IndexGPT” that provides financial services
On the 11th, JP Morgan, a major US financial company, filed a trademark registration for an AI (artificial intelligence) system named “IndexGPT.”
According to documents submitted to the United States Patent and Trademark Office (USPTO), in addition to advertising and marketing services, AI is intended to be used for the creation, provision, and updating of securities indices, as well as consulting on securities investment. are doing.
Other services included:
- A service that uses online non-download type cloud computing software that uses AI to select financial securities, etc.
- AI-powered software as a service (SAAS) for the generation of pre-trained transformer models in the financial services sector
- Software as a Service (SaaS) that provides analysis and selection of securities tailored to customer needs
The transformer model is one of the deep learning models by AI, and is mainly used in the field of natural language processing.
JP Morgan Focuses on AI
JP Morgan is pushing hard to use AI. In a letter to shareholders issued in April, the company introduced its efforts related to AI and cloud services as one of the company’s latest developments. Regarding the situation of teams working on AI, he said:
Currently, more than 1,000 people are engaged in data management business, and more than 900 data scientists are working on creating new models in AI and machine learning.
It also has more than 600 machine learning experts who write the code to deploy the developed models into production. These teams focus on AI and machine learning, including natural language processing, time series analysis, and reinforcement learning.
He also said that AI is a “breakthrough technology” and that AI and the data it handles will be critical to the success of JP Morgan’s future business.
He added that JPMorgan is already using AI in its business. By preventing fraud and illegal activity, it significantly reduces risk in retail operations and also helps optimize trades and improve portfolio construction.
JP Morgan said it spent more than ¥280 billion ($2 billion) building cloud-based data centers. He pointed out that AI is closely related to cloud-based systems.
JP Morgan is also working on the ethical side of AI. He said he hired a multidisciplinary team of ethicists to prevent unintentional abuse of AI, anticipate regulatory trends, and help build trust with clients, users, and others.
Currently, the AI language model ChatGPT is a hot topic all over the world, but the issue of AI utilization and ethics is also emerging.
In Europe, for example, German and Italian regulators have launched investigations into ChatGPT for the risks it poses to personal data protection. In Europe, there is the General Data Protection Regulation (GDPR), and there is concern that it may conflict with this.
connection: Germany starts investigation on ChatGPT’s “data protection” = report
What is the EU General Data Protection Regulation (GDPR)?
“Personal Data Protection Law” in the EU. It imposes stringent requirements on companies, and non-compliance can result in fines of up to 4% of annual global turnover. The rights of data subjects are also one of the basic principles.