JPMorgan Employees Receive AI Generative Tool for Performing Research Analyst Tasks
JPMorgan Chase is pushing further the adoption of artificial intelligence (AI) with a new generative tool, LLM Suite, which can perform the tasks of a research analyst.
As AI demonstrates its potential to bring positive changes to humanity, JPMorgan Chase has revealed plans to invest in this technology. In its official communication, JPMorgan Chase announced plans to launch a generative AI tool replicating the features of OpenAI ChatGPT.
The new product will perform the core task of research analysis, such as data analysis and investigations.
JPMorgan Staffs Receives AI Tools for Performing Research Analyst Task
The giant financial institution has granted employees working under the asset and wealth management division access to the new large language model (LLM Suite). JPMorgan Chase confirmed that the LLM Suite could write, summarise documents, and engage in idea-creation tasks.
The bank stated that the new product performs best as a research analyst, providing critical information, solutions, and advice on a particular topic. An internal memo shared by the Financial Times outlines the features, objectives, and role of the LLM Suite.
The memo was signed by the head of JPMorgan’s asset and wealth management division, Mary Erdoes, the chief data and analytic officer, Teresa Heitsenrether, and the bank’s chief information officer, Mike Urciuoli.
In the memo, JPMorgan Chase described the LLM Suite as more advanced ChatGPT. The LLM Suite will execute the general purpose tasks and enhance productivity at the workplace.
Features of JPMorgan LLM Suite
The AI generative tool is designed to complement the performance of JPMorgan applications that store bank confidential information, such as Connect Coach and SpectrumGPT.
Elsewhere, a source familiar with the information stated that JPMorgan began introducing the LLM Suite to its banking features, and around 50,000 employees, equivalent to 15% of the bank workforce, have access to the new product.
Even though the number of research analysts working for JPMorgan is still uncertain, the LLM Suite will enhance efficiency in the workplace. The new product positions JPMorgan at a competitive edge as most financial institutions are gearing up to integrate AI features into their products.
In September, Morgan Stanley partnered with the OpenAI team to develop an assistive tool, Debrief. The new tool was developed using the OpenAI GPT4, which aimed to improve research by automating the general tasks of a financial advisor.
Debrief will replace note-taking tasks by automatically creating emails and reports. The integration of AI features in the banking sector demonstrates the readiness of financial institutions to cope with emerging technologies.
Role of AI in the Finance Sector
A statement from the chief executive of JPMorgan, Jamie Dimon, stated that AI development will transform most corporate and industrial jobs. The executive anticipates the AI evolution will cause job displacement and create additional employment opportunities.
JPMorgan president Daniel Pinto estimated that the bank has generated between $1 billion to $1.5 billion in AI technology. The executive explained that the bank had restricted the employees from using the AI chatbots, citing that these tools might expose JPMorgan’s confidential data to the public.
Guided by the company principle, JPMorgan is required to safeguard its customers and company information from external misuse. This forced the JPMorgan team to invest in developing its AI generative tool for general purpose.
Like any other technology, AI has faced a struggle to comprehend real-world situations, leading to false information and misrepresentation of data. At the initial development of the LLM Suite, the JPMorgan team encountered a series of challenges.
Despite the challenges, the bank invested in developing LLM Suite to redefine the banking sector. In February, JPMorgan conducted a survey to assess the impact of AI on future trading.
The bank noted that 61% of the 4010 respondents positively considered AI to change the trading sector. The respondents from 65 countries project that AI and machine learning technology will transform the trading industry by 2027.
In the study, 13% of the respondents envisaged that advancements in application programming interface (API) and blockchain would redefine trading.
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