JPMorgan Chase & Co. recently announced a restriction on using ChatGPT, an artificial intelligence-powered chatbot platform originally launched in late 2019, allowing employees across departments to access information and interact with colleagues efficiently and easily.
The bank has concluded that while this innovative technology has much potential, its usage needs to be more closely monitored to ensure compliance with internal policies and procedures and uphold JPMorgan Chase’s standards of security and privacy.
JPMorgan Chase is priming itself to prevent the use of ChatGPT in its workplaces due to the immeasurable surge in acceptance of this AI chatbot.
Compliance concerns have seen JPMorgan Chase (JPM) exclude global personnel from using third-party software, not due to any current issue, according to someone familiar with the development. The largest US bank limited this utilization without wanting to comment on the matter.
ChatGPT, a late November unveiling by Open AI, has captivated users with its creative ability to generate convincing essays and scripts through the application of artificial intelligence. This tool has also provided consumers with features like creating trip plans and computer codes from prompts.
At the beginning of January, two months after its launch, ChatGPT reportedly had ascended to a tally of 100 million monthly active users, a verified appraisal given by financial services provider UBS. The adoption of the new product had significantly escalated.
The Swiss bank’s research wing analysis showed that the respective online application could reach and surpass growth records, becoming the most rapidly advancing piece of technology in history.
The fierce competition to take AI products to market that has arisen in the wake of ChatGPT’s phenomenal success is evident. Google has launched its challenger product named ‘Bard,’ while Microsoft, an investor in Open AI, unveiled its Bing chatbot AI offering for a select subset of testers.
The deployment of technology from Microsoft and Google has heightened worries, especially due to inaccurate results from demos. These demos have identified errors, which has stirred more fears about the technology.
Microsoft possesses an ongoing attempt to control their Bing chatbot after accounts of perplexing speeches, including thoughts that consisted of boisterous opinions and distressing daydreams, were reported by assorted users.
Companies have been divided on accepting and implementing ChatGPT in the workplace. While some launch and expect it to become part of their everyday operations, others are more skeptical regarding potential risks.
Having to be extra cautious due to scrutiny by government regulators and being in charge of confidential customer data, the banking industry must take extreme caution with its operations.
Due to worries it might be employed to cheat during school assignments, the prohibition of ChatGPT in New York City public schools was decreed by regulation in January.
JPMorgan Chase is the latest company to adopt restrictions on employee use of certain work-related chat applications, specifically those powered by artificial intelligence. The move comes as more companies reassess their policies surrounding AI and its potential implications for worker productivity and privacy.
While exactly what prompted JPMorgan’s decision is unclear, the bank is aware of the risks associated with employing emerging technologies like ChatGPT without proper safeguards. For other organizations considering similar measures, it’s important to balance protecting employees and to stifle innovation. With the rapid pace of change in today’s business landscape, that can be a difficult tightrope to walk.
Source: edition.CNN
