What’s going on:
JPMorgan Chase is putting a halt to the use of ChatGPT by its staff — an AI-driven tool developed by Open AI and unleashed to the public in late November. ChatGPT has been turning heads with its potential to craft convincing academic essays, creative scripts, trip itineraries, and even computer code, with UBS estimating that the tool had gained 100 million monthly active users in January.
JPMorgan’s move to limit the chatbot’s use was not driven by any single incident, instead they were taking regular precautions with regard to the employment of third-party software.
Why it matters:
There has been a great deal of interest in the potential applications of ChatGPT, but it has also caused alarm with its capacity to propagate online disinformation and express bias.
Many companies have encouraged employees to incorporate ChatGPT into their everyday activities, but others are wary of potential risks. Banks, whose operations involve handling confidential customer data and stringent oversight from government agencies, have an even greater incentive to proceed with caution.
How it’ll impact the future:
Due to concerns of accuracy and bias, and a regulatory environment that is yet to keep up with technology, financial services companies are taking their time and being careful with certain new AI technologies.