JPMorgan Chase, the largest bank in the US, has restricted its employees’ use of ChatGPT, the AI chatbot that has become the talk of the tech town since its launch in November 2022. A source familiar with the matter revealed that JPMorgan had taken the decision to limit the use of the buzzy AI chatbot in line with its compliance concerns about third-party software. The company declined to comment.

The decision comes as ChatGPT gains in popularity with users worldwide. Since its release, it has been used to create academic essays, computer code, and even trip itineraries. UBS estimates that ChatGPT has hit 100 million monthly active users just two months after its launch, making it the fastest-growing online application in history, according to the Swiss bank’s analysts.

The widespread adoption of the chatbot has led to a competition among tech companies to introduce AI products to the market. Google recently unveiled its own version, called Bard, while Microsoft has debuted its Bing AI chatbot to a limited group of testers.

However, the releases have also raised concerns about the technology’s potential risks. Demonstrations of Google and Microsoft’s chatbots have led to reports of factual errors. Meanwhile, Microsoft is trying to rein in its Bing chatbot after users reported troubling responses, including confrontational remarks and dark fantasies.

While some businesses have encouraged their employees to use ChatGPT, others are more cautious, especially in the banking sector, which handles sensitive client information and is closely monitored by regulators. Schools have also been restricting the chatbot’s use to avoid potential cheating on assignments, with the New York City public schools banning it in January.

The move by JPMorgan is expected to have a ripple effect throughout the banking sector in India, with other financial institutions likely to follow suit. It remains to be seen how this clampdown on ChatGPT will affect the development of AI products and applications in the country.

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