Giant Bank JP Morgan Bans ChatGPT Use Among Employees

If the employees want to chat, they just have to talk to each other instead.

Compliance Concerns

JP Morgan is tackling the use of ChatGPT OpenAI in the workplace, Bloomberg reports – although they don’t seem to be in response to a specific incident, and it’s still unknown how many employees may be fooling around the AI-powered chatbot and on the clock.

Instead, the restriction, which applies to the bank’s global staff, was enacted to limit third-party software “due to compliance concerns,” according to CNN‘ reporting.

And JP Morgan is not the only bank with a position on ChatGPT. The leading investment bank Morgan Stanley has become familiar with his abilities and shortcomings.

“When we talk about a high-accuracy task, it is worth mentioning that ChatGPT sometimes hallucinates and can generate answers that seem convincing, but are actually wrong,” Morgan Stanley analysts wrote in a note on Wednesday, as quoted at Inside.

Unlike JP Morgan, however, Stanley Morgan analysts may see the potential for using ChatGPT and other next-generation AI in the workplace – with some caveats, of course.

“At this stage, the best practice is for highly skilled users to recognize the mistakes and use Generative AI applications as an augmentation of existing work rather than a replacement,” they wrote.

Commodity Bot

ChatGPT exploded into the limelight after its public release at the end of November, which is believed to be the fastest growing app in history.

Since it’s free, anyone and everyone seems to have shot the wind with the bot and others like it. College students have tried to get it to do their homework, and some media companies have even used AI to publish entire articles, with embarrassing results.

Even the biggest tech heavyweights are trying to get on board the AI ​​hype generation train. Microsoft has dazzled and confused with a limited release of its new and very chaotic GPT-powered Bing search engine. Google, meanwhile, is still waiting in the wings with its own upcoming Bard Chatbot.

Despite the huge amount of investment and hype surrounding ChatGPT and AI chatbots in general, it quickly becomes clear that while ChatGPT and Bing AI are good at predicting how to make a strong sentence, they are not always great at placing the straight facts.

And in the world of banking, where employees often handle sensitive information about their clients and may hold the entire amount of clients’ finances in their hands, you probably don’t make a mistake that is bad at math and often makes up complete facts as well . remove

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