JP Morgan Chase has launched a new “LLM Suite” generative artificial intelligence (AI) tool to help its employees with daily tasks.
According to the Financial Times, an internal memo stated that the LLM Suite could be used to help analysts research, write, summarise documents and generate ideas. The memo also described the tool as “ChatGPT-like”.
Sources close to JP Morgan also told the publication that around 50,000 employees have access to LLM Suite, which is approximately 15% of the bank’s staff.
JP Morgan has not commented on the tool to news outlets, but the bank informed Decrypt that LLM Suite is not an independent large language model like ChatGPT. Instead, it serves as a user interface for accessing various third-party tools, though it did not specify which tools are included.
AI, specifically Gen AI, is becoming more commonplace in financial services and banking firm’s technology toolkits. JP Morgan has been particularly active in this regard, but it is hardly the only major player to embrace the new tech.
For example, rival US investment bank Morgan Stanley teamed up with OpenAI to introduce a GenAI-powered chatbot last September..
This increased usage of AI has caught the attention of regulatory bodies also, with many concerned but excited about the ways that it can be used.
In May, the US Department of the Treasury requested information on how AI can be utilised in the US finance sector, hoping to reveal information and opinions about the opportunities and risks of AI use.
Discussing one of the most recent use cases, PayU Africa’s CEO, Karen Nadasen, wrote for Payment Expert on how emerging technology can play a crucial role in elevating financial inclusion in the continent.