Artificial Intelligence (AI) is quickly becoming ubiquitous and not just in financial services. While some worry that AI may remove the need for real people to do real jobs, most predict that AI will remove labor-intensive tasks from the stack, allowing individuals to focus on other projects, thus boosting overall productivity. This is somewhat similar to the Industrial Revolution when naysayers predicted automation would eliminate the need for workers.
Today, a report in Reuters indicates that one of the largest banks in the world, JP Morgan Chase(NYSE:JPM), has released an AI-powered Chatbot to enable in-house analysis.
First covered by the FT, the report explains:
“[JP Morgan] has given employees of its asset and wealth management division access to a large language model called LLM Suite, that helps them with writing, idea generation and summarising documents…”
About 50,000 employees now have access to the service.
The report also noted that Morgan Stanley has already revealed a chatbot in partnership with OpenAI for financial advisors.
Pretty soon, AI assistants will be normal and not really news.
