Banking giant JPMorgan is developing an artificial intelligence (AI) solution similar to ChatGPT to offer investment advice, reported CNBC.

Citing a filing, the publication said that the bank has applied to trademark the product, dubbed IndexGPT.

IndexGPT will leverage “cloud computing software using artificial intelligence” for “analysing and selecting securities tailored to customer needs,” the bank said in the filing.

ChatGPT, which was released by Microsoft-backed OpenAI last year, has left technology companies across the globe scrambling to lead the AI race.

While the bank’s peers such as Goldman Sachs and Morgan Stanley are already testing the technology internally, JPMorgan could be the first financial services provider to launch such an offering directly to its customers.

According to Washington D.C.-based trademark attorney Josh Gerben: “This is a real indication they might have a potential product to launch in the near future.”

The development comes as authorities across the world try to find ways to regulate this new technology.

Canadian privacy regulators are launching a joint investigation into OpenAI’s data collection and usage.

In addition, the country’s federal privacy watchdog in collaboration with counterparts in Quebec, British Columbia and Alberta, will examine whether OpenAI obtained appropriate and meaningful consent for the collection, utilisation, and disclosure of personal information from individuals in Canada via ChatGPT.

Earlier this week, it was reported that Garante, the Italian data protection watchdog, is planning to launch a broad investigation into AI platforms.

Last month, Garante temporarily banned ChatGPT over suspected violations of privacy laws.