JPMorgan Chase Introduces New Product To Rival ChatGPT.

The banking giant recently filed a trademark application for a new generative AI tool known as IndexGPT with the US Patent and Trademark Office, indicating their intention to utilize it in various business areas such as advertising, business consulting, and finance-focused software solutions which also includes crypto based offerings.

The decision to develop IndexGPT aligns with the perspective of CEO Jamie Dimon, who has previously expressed a keen interest in AI. Dimon previously mentioned that the company already has more than 300 AI use cases in production, covering areas like risk assessment, marketing, customer experience, and fraud prevention.

While numerous technology giants are eagerly adopting generative AI tools across different sectors, Apple has taken a different approach by imposing restrictions on the use of ChatGPT and similar tools. This decision was prompted by concerns about the potential compromise of sensitive data. An internal document highlighted specific restriction by Apple on the usage of Copilot, an AI tool owned by GitHub that automates software code writing.