JPMorgan Chase Reportedly Has Compliance-Related Concerns Around ChatGPT
JPMorgan Chase reportedly doesn’t want its employees to chat with ChatGPT.
CNN reported Wednesday (Feb. 22) that the bank has restricted its global staff’s use of OpenAI’s artificial intelligence (AI)-powered chatbot.
The bank’s decision was driven by compliance concerns around the use of third-party software, according to the report, which cited an unnamed source.
Because they deal with sensitive data and must comply with regulations, banks must “tread carefully” around technology like this, the report said.
A JPMorgan Chase spokesperson declined to comment on the report.
This report comes two days after Bain & Company and ChatGPT creator OpenAI announced they have formed a global services alliance to facilitate a “huge wave of innovation” around artificial intelligence.
The alliance will bring together Bain & Company’s digital implementation capabilities and strategic expertise and OpenAI’s AI tools and platforms to help enterprise clients realize the value of the technology, the companies said Tuesday (Feb. 21).
Among the potential use cases for AI are providing scripts for contact centers, developing ad copy for marketers and generating digital communication for financial advisers, they said.
“AI has reached an inflection point and we foresee a huge wave of change and innovation for our clients across industries,” Bain & Company Worldwide Managing Partner Manny Maceda said at the time.
About a week earlier, multinational grocery giant Carrefour said it was leveraging ChatGPT-generated video and a computer-generated human avatar to reduce the labor cost of creating customer-facing videos.
The video models an FAQ-style explainer. In one example, the avatar offers advice on how to purchase healthier and less expensive foods via the grocer’s site.
“Our data and innovation teams are currently working on the use cases of ChatGPT, and generative AI in general,” Elodie Perthuisot, the retailer’s chief eCommerce, digital transformation and data officer, said in a LinkedIn post, auto translated from the original French by LinkedIn.
Beyond business applications, ChatGPT has taken social media by storm and put AI in the headlines. Consumers have flocked to play with the chatbot’s humanlike conversation capabilities.
At the same time, ChatGPT has gotten mixed reviews from retailers and brands when it comes to customer service.
Businesses say they are hopeful — but also very cautious — about the AI-powered chatbot.