Bloomberg News reports that many Wall Street banks have toned down the use of the AI-powered technology ChatGPT. Several banks have imposed restrictions on the use of ChatGPT. This application generates a textual response against a short prompt.
Which Banks Prohibit the Use of the Tool?
According to people familiar with the matter, some lenders, including Bank of America Corp, Deutsche Bank AG, Citigroup Inc, Wells Fargo & Co, and Goldman Sachs Group Inc., have banned this technology. Bank of America stated that using Open AI and ChatGPT is barred for business use.
While speaking at a routine reminder about unauthorized apps, Bank of America revealed that WhatsApp is one of them, aside from ChatGPT. The bank has time and again repeated the same at internal meetings. It also said that before using this new technology in business, it must be vetted, as revealed by individuals aware of the matter.
There has been a change in the scenario at Deutsche Bank as well. The staff is not allowed to use ChatGPT any longer. As such, access to the AI-powered tool has been disabled. A spokesperson for the lender revealed this.
Automatic Restrictions
As a part of automatic restriction around third-party, Citigroup blocked access to the tool. Individuals acquainted with the matter stated this, and another individual revealed restriction of Goldman traders.
Bloomberg News reports that Wells Fargo has done something similar to the standard control procedures for implementing third-party software. The same came to light when a bank spokesperson revealed the information.
JPMorgan Chase & Co also implanted similar measures, as reported at the beginning of the week. Of late, this new AI-powered technology has become a sensation on the internet.
ChatGPT and Future Tentative Applications
A few aspects that people are looking forward to availing of this tool in the future include creating stock portfolios and hastening the production of analyst presentations. There even exists an exchange-traded fund; planned related to the concept.
Bloomberg News reports that representatives of Bank of America, Goldman, and Citigroup refused to comment. Open AI is the company that has developed ChatGPT but did not comment on the issue. However, reliable sources report that Citigroup and Goldman banned using this technology for their operations.
