JPMorgan restricts use of ChatGPT | CNN Business

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JPMorgan Chase is temporarily restricting the use of ChatGPT among its employees as the popular AI chatbot grows in popularity.

The largest U.S. bank has restricted its use among global staff, according to a person familiar with the matter. The decision was made not because of a particular issue, but to agree on limits on third-party software due to compliance issues, the person said. JPMorgan Chase ( JPM ) declined to comment.

ChatGPT was released to the public at the end of November by artificial intelligence research company Open AI. Since then, the popular tool has been used to turn written prompts into compelling academic essays and creative scripts, as well as travel itineraries and computer code.

Adoption has skyrocketed. UBS estimated that ChatGPT reached 100 million monthly active users in January, two months after its launch. That would make it the fastest-growing online app in history, according to analysts at the Swiss bank.

ChatGPT’s viral success has fueled a frenzied competition among tech companies to bring AI products to market. Google recently introduced its ChatGPT competitor, which is called Bard, while Microsoft ( MSFT ), an investor in Open AI, introduced its Bing AI chatbot to a limited group of testers.

But the releases have raised concerns about the technology. Demonstrations of Google and Microsoft tools have been called to produce factual errors. Meanwhile, Microsoft is trying to rein in its Bing chatbot after users reported troubling responses, including confrontational remarks and dark fantasies.

Some companies have encouraged workers to incorporate ChatGPT into their daily work. But others worry about the risks. The banking industry, which deals with sensitive customer information and is closely watched by government regulators, has an added incentive to act carefully.

Schools are also restricting ChatGPT due to concerns it could be used to cheat on assignments. New York public schools banned it in January.

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