JPMorgan Chase has recently launched LLM Suite, a generative artificial intelligence assistant that can help employees in tasks like drafting emails and reports.
This is the first step towards the implementation of the company’s plan to leverage AI in its operations.
JPMorgan Taps OpenAI’s ChatGPT
JPMorgan Chase, the largest U.S. bank by assets, has recently deployed a generative AI assistant called LLM Suite to assist over 60,000 of its employees. This rollout is part of a broader initiative to integrate advanced AI technologies throughout the organization.
The LLM Suite is designed as a portal that connects users to external large language models, starting with the ChatGPT model developed by OpenAI.
The implementation of this technology is to support processes in the bank, helping employees with writing emails, creating reports, and even solving problems using spreadsheets. This is expected to position the software as critical for the firm’s work as the Zoom app has become for video conferencing.
Integration into Daily Operations
The firm’s approach is to engage OpenAI while not being dependent on a particular model supplier. As stated by Teresa Heitsenrether, the firm’s Chief Data and Analytics Officer, the bank aims at transitioning between the different models seamlessly depending on the function required.
This way, the bank can utilize the power of AI tools while protecting its sensitive data, which was an issue in the past because the bank did not allow the use of external AI tools such as ChatGPT.
Concurrently, the integration of the LLM Suite is extensive and affects many departments in the bank, such as consumer banking, investment services, and asset management. The AI tools are also helping in increasing the efficiency of the employees by eliminating the monotonous work of document summarization and itinerary planning and also in the case of financial advisors. This action follows another earlier this year where the company prohibited the use of ChatGPT in the banking organization showing the firm’s new approach towards the usage of generative AI models.
OpenAI’s Recent Developments
Besides cooperating with JPMorgan, OpenAI is still improving its artificial intelligence technologies. The AI company, headed by Sam Altman, recently released a major update called Structured Outputs. This feature guarantees that any output from the AI models follows set JSON Schemas from developers, increasing the usability of the models in professional solutions.
In addition, the company has released the GPT-4o System Card outlining safety precautions and operational procedures for its new model proving that the company is aware of the increasing challenges and risks that come with AI.
Concurrently, other financial institutions, including Morgan Stanley and Citigroup, have also embarked on similar AI initiatives, signalling a shift towards more technologically integrated financial services.
Kelvin Munene Murithi
Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
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