JPMorgan Chase & Co., has banned the use of OpenAI's ChatGPT in their office. An anonymous insider told Bloomberg that the artificial intelligence program is now restricted but has not stated a specific incident that may have triggered the decision.
More so, it is unclear how many workers may have been using the AI-powered chatbot while on the clock. The move is said to reflect standard procedures around third-party software.
Banks Mulling Over the Use of ChatGPT
ChatGPT, the rapidly evolving technology that creates text in response to a brief command, has recently become an online craze. It has sparked speculation about its possible applications ranging from Shakespearean poetry to financial portfolio management. There are even plans for an exchange-traded fund based on the concept.
Although JPMorgan has just voiced its stance on the AI-powered chatbot, other banks have also considered the new technology. The prominent investment bank Morgan Stanley is mulling over ChatGPT's capabilities and shortcomings.
Insider quoted Morgan Stanley analysts who pointed out that it is worth mentioning when talking about high-accuracy tasks the ChatGPT sometimes hallucinates and produces answers that may look convincing but are incorrect
Unlike JPMorgan, the analysts at Morgan Stanley may see some possibilities for using ChatGPT and other generative AI in the workplace- with certain limitations, of course.
They said that the ideal approach, for now, is for highly educated users to identify errors and use Generative AI applications that will serve as an augmentation of existing work instead of using it as a substitute.
Meanwhile, OpenAI claimed it is striving to minimize biases in the system and would allow users to adjust its behavior after a slew of concerns about improper interactions and inaccuracies in its findings. Issues have occurred since ChatGPT was formally launched in November.
As Bloomberg reported, it is logical for closely regulated institutions to be cautious about introducing new technologies. Throughout the course of 2021 and 2022, US regulators fined a dozen banks a total of more than $2 billion for their employees' unlawful use of private messaging platforms. An OpenAI official did not immediately reply to a request for comment.
AI-powered Chatbots Changing the World
ChatGPT has become the fastest growing application in history since its launch, as per Futurism. The application is free so it appears that anybody has tried his hand at chit-chatting with the bot and others like it. College students have attempted to program it to complete their schoolwork, and some media businesses have even employed AI to publish full articles with disastrous consequences.
Even the most powerful technology companies are attempting to ride the generative AI hype train. Microsoft's new and extremely chaotic GPT-powered Bing search engine has both wowed and perplexed users with a restricted deployment. Meanwhile, Google's own planned chatbot Bard is still in the works.
But even with the massive investment and hype around ChatGPT and AI-powered chatbots, in general, it is becoming clear that they are not necessarily great at getting the facts correct.
Yet in the realm of banking, where staff routinely handle sensitive information about their customers and may hold the entirety of their clients' wealth in their hands, no one definitely wants a bot that is lousy at math and frequently makes up facts becoming too involved.
RELATED ARTICLE: Can ChatGPT Replace Human Brain? AI Tool Generating Content Comes With a Price
Check out more news and information on Artificial Intelligence in Science Times.
