JPMorgan Chase has implemented restrictions on employee usage of the AI chatbot ChatGPT, as reported by The Telegraph. This measure affects staff throughout the organization and is not in response to any specific incident.
Instead, it reflects a broader initiative to manage third-party software usage in an industry that is subject to stringent regulations. JPMorgan is among several financial institutions that have faced substantial fines due to employees using WhatsApp to communicate with clients.
ChatGPT, created by OpenAI and launched late last year, quickly gained popularity for its ability to generate coherent text based on user prompts. The technology is recognized for its potential applications across various sectors, including financial services.
Nonetheless, financial firms are approaching this innovation with caution due to ongoing concerns surrounding issues like bias and accuracy, along with a regulatory environment that is still evolving to accommodate new technologies.