In this AI Ecosystem Report, Kieron Allen details the decision by banking giant JP Morgan Chase to adopt and embrace ChatGPT, in the form of a new AI-powered assistant that’s available to thousands of employees.
Highlights
00:09 — The bank’s AI-powered assistant, called LLM Suite, is available to 60,000 workers at JP Morgan. It’s designed to help employees with tasks such as report writing and composing emails. It serves as a portal to ChatGPT ensuring that while users can benefit from the service, data remains protected.
00:29 — JP Morgan Chase previously restricted access to ChatGPT in 2023. The bank was striving to protect data. The new rollout marks a significant endorsement of OpenAI and ChatGPT; it could lead to potentially lucrative opportunities for OpenAI moving forward, especially in the financial sector.
00:58 — The work is part of a broader plan to integrate AI into various functions and systems at JP Morgan Chase. In the second stage, the bank will incorporate proprietary data to enhance employee productivity. The third stage will focus on developing autonomous agents for specific banking tasks.
01:19 — The announcement’s timing is favorable for OpenAI; it follows security flaws in ChatGPT that have raised concerns. Having one of the nation’s most influential companies using the technology at this scale is a positive development for OpenAI.
The AI Ecosystem Q2 2024 Report compiles the innovations, funding, and products highlighted in AI Ecosystem Reports from the second quarter of 2024. Download now for perspectives on the companies, innovations, and solutions shaping the future of AI.
