Subscribe to The Daily Upside newsletter for more vivid and insightful business and economic news. It’s completely free and we guarantee you’ll learn something new every day.
To non-engineers, machine learning can seem like an invisible concept. JPMorgan Chase is working on an AI tool that anyone can understand.
The financial institution wants to patent a method to add “no-code machine learning” and AI capabilities to its intelligence tools. The system is essentially similar to the AI model Build-A-Bear. The user feeds whatever data they have to the processor, from which they select the information they want to see. For example, users can ask the system to predict, classify, or find key aspects of data.
The system then automatically creates “executable custom code” based on that data and your specifications.
After executing the code in the backend, the system spits out “the desired data model based on the processed incoming data and the set of attribute data selected.” The system can create several types of models, according to the company, including classification-based, regression-based, clustering-based, and anomaly-detection-based models.
Companies often collect vast amounts of data, but extracting actionable value from it is often difficult, the company said. JP Morgan said, “Users who are not machine learning experts can access the right data, leverage flexible and resilient computing resources, and build their own models to extract value from existing vast amounts of data. There are no tools on the market that can do that.” Provide accurate and timely data. ”
Given JP Morgan’s patent track record, such a development shouldn’t be all that surprising. The company recently filed patents for technology that could automate the work of several departments, including an AI recruiting tool and a matchmaker feature for investors and companies. The company also made headlines in September for its plans to hire 2,000 engineers by the end of 2022.
Given banks’ investment in tech talent, what’s interesting about this patent is that it has the potential to remove engineers from the machine learning equation all at once. The company’s goal with the patent appears to be to increase access to AI’s potential in business intelligence, helping companies better understand the vast mountains of data that are often stored.
JP Morgan’s patents reflect a broader trend in technology toward low-code and no-code development tools that require little or no technical expertise to create websites and applications. Gartner forecast in December that the market for these tools will reach nearly $27 billion by the end of 2023, up 20% year over year.
“The high cost of technical talent and a growing hybrid or borderless workforce will contribute to the adoption of low-code technologies,” said Jason Wong, a prominent vice president analyst at Gartner, in the report. said inside.
The technology contained in JPMorgan’s patents can be used within its own institutions, but the bank can also license the platform to any customer interested in high-level business intelligence, hooked into engineer-free AI.
Have any comments, tips or suggestions? mail address: [email protected] Or DM us on Twitter @patent drop. If you would like to receive the Patent Drop in your inbox, click here to subscribe.
