Jpmorgan restricts external AI assistants, limiting meta's Muse capabilities

JPMorgan Chase has restricted external AI assistants, including Meta's Muse, from accessing customer accounts and performing tasks on their behalf. This follows Amazon's recent decision to block Muse from shopping on its platform. During an October 13 earnings call, CEO Jamie Dimon warned about the risks of rogue AI agents, emphasizing the need for client protection. Chase confirmed that third parties cannot obtain banking credentials to act on customers' behalf, though secure data sharing through open banking is still permitted. Muse users faced similar issues last month when Amazon blocked the assistant from shopping, citing concerns over credential handling. Both Amazon and Chase are developing their own AI tools, raising questions about competition and security. Until Meta secures more access, users must manage tasks like bill payments and money transfers themselves, limiting Muse's effectiveness in financial management. Chase's CFO, Jeremy Barnum, highlighted plans for Smart Cash, an AI-driven tool to forecast cash flow and optimize yields. Dimon had previously outlined these ambitions in an April shareholder letter. Meanwhile, Amazon is testing its own shopping assistant, Buy for Me. These developments underscore a trend of financial institutions limiting external AI while advancing their own automation strategies, leaving users to navigate the evolving landscape of digital assistance.