Finance & Economics

JPMorgan Restricts Staff Use of ChatGPT

The management of JPMorgan Chase has decided to establish a ban on the use of the chatbot ChatGPT by employees of the company.

JPMorgan Restricts Staff Use of ChatGPT

Source: Pixabay.com

This decision applies to all workers of the largest participant in the US banking industry. Restricting the use of a chatbot is not a measure that was caused by a certain incident.

The company’s management does not comment on this decision. It can be assumed that limiting the use of a chatbot created on the basis of artificial intelligence is an action within the framework of an integrated approach to minimize the application of third-party software. The company decided to move in this direction, applying the method of strict restrictions.

JPMorgan is one of several banks that have been subject to penalties in the form of huge fines for employees communicating with customers via WhatsApp.

ChatGPT has been mentioned more and more often in news bulletins lately. The chatbot has become known to the general public thanks to the ability to give detailed answers containing a thorough argumentation on a particular issue to user requests. The developer of ChatGPT is OpenAI. The chatbot was launched at the end of last year.

Many experts and analysts believe that this technology has the potential for successful application in many areas of life, including the financial services industry. Companies that work in the market of relevant services are still cautious about considering the use of a chatbot. The reason for this is the risk of bias and unclear prospects regarding the accuracy of the technology in practical application in the field of financial services. Also, there is still no regulatory framework that would regulate the use of advanced technology in the industry.

The chatbot’s answers are mostly correct and contain justifications for certain issues, but it is too early to talk about the presence of highly intelligent critical thinking. ChatGPT in the process of development can achieve self-awareness.

As we have reported earlier, JPMorgan Preps German Digital Bank.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.