AI is eating Finance: JPMorgan launched its own AI Chatbot 😳🤖; Ethereum ETFs’ first week shows mixed start 👀💸; Once Lithuanian FinTech star, Kevin now is close to going bust 🤕💰
FinTech is Eating the World, 29 July
Hey Everyone,
Happy Monday! We’re starting another great FinTech week and we’re starting it strong 😤 Today we’re going to look into JPMorgan which just launched its own AI Chatbot that can do the work of research analyst (what it’s all about & why it’s huge + a deep dive into JPM & how with the help of AI it’s eating competition), Ethereum ETFs that show mixed start after their first week (a quick look at the latest data, what it means & what’s next), and struggling Lithuanian FinTech star Kevin which is close to going bankrupt (what’s happening & why it matters). Let’s just jump straight into the thrilling stuff 🌶
AI is eating Finance: JPMorgan launched its own AI Chatbot that can do the work of a research analyst 😳🤖
The news 🗞️ JPMorgan Chase JPM 0.00%↑, one of the world's largest and most powerful banks, has taken another significant step into the artificial intelligence arena by developing and deploying its own AI-powered chatbot that can do the work of a research analyst.
Let’s take a quick look at this and see why it matters.
More on this 👉 Dubbed "LLM Suite," this tool is being rolled out to about 50,000 employees, particularly in the asset and wealth management division, to enhance productivity and streamline various tasks.
The LLM Suite is described as a "ChatGPT-like product" that can assist with writing, idea generation, problem-solving, and document summarization.
“Think of LLM Suite as a research analyst that can offer information, solutions, and advice on a topic,” the memo seen by the FT told employees.
This move thus signals the bank's commitment to integrating AI into its core operations and potentially reshaping traditional roles within the financial industry.
Unlike some of its competitors who have partnered with external AI companies, JPMorgan developed LLM Suite in-house. This approach allows the bank to maintain stricter control over sensitive financial data, adhering to regulatory requirements that prevent the use of consumer AI chatbots for work purposes.
ICYMI: AI is eating Finance: JPMorgan is getting into LLMs 😳 [what it’s all about & why it makes sense + more reads on how AI is eating finance]
✈️ THE TAKEAWAY
What’s next? 🤔 This rollout marks one of Wall Street’s largest use cases for LLMs. Earlier, another investment banking giant Morgan Stanley MS 0.00%↑ partnered with OpenAI to use AI startup’s products for its wealth management business. But when it comes to JPM, this should come as no surprise. JPMorgan has already built its own ChatGPT-based LLM to analyze Federal Reserve statements and speeches in an effort to sniff out potential trading signals. Back in May, JPM also unveiled IndexGPT, a tool designed to revolutionize thematic investing. IndexGPT leverages OpenAI's advanced GPT-4 language model to generate investment baskets based on emerging trends and themes. On top of that, JPMorgan Chase CEO Jamie Dimon earlier revealed that the bank has more than 300 AI use cases in production. Therefore, it’s clear that the banking giant is super serious about the future and Dimon is walking the walk - JPM now employs more than 2,000 data scientists and machine learning engineers to help build out its AI capabilities 😳
“AI is going to change every job. It may eliminate some jobs. Some of it may create additional jobs. But you can’t envision one app, one database, or one job where it’s not going to help, aid or abet” - Jamie Dimon
The future of finance will never be the same. AI + Finance = 🚀
ICYMI: JPMorgan’s Q2 2024: a financial fortress poised for growth despite headwinds 😤🏦 [unpacking the most important numbers that show a financial fortress poised for growth despite headwinds + lots of bonus reads & deep dives inside]