JP Morgan the American multinational investment bank and financial services company is working on a new website that is going to use crowdsourcing to accumulate large volumes of data to help its clients make better decisions.
It will be called Roar and according to reports, it will also store sensitive private data such as hospital records and satellite imagery that’s not in the public domain.
JP Morgan clients will be given secure access to this data and be able to use it to make predictions and develop business insights.
Currently, there isn’t a lot of public information about this crowdsourcing and big data platform but some commentators are likening it to IBM’s Watson. This supercomputer combines artificial intelligence and analytical software to help businesses make informed decisions.
Roar is being tested internally and sits within the data science unit of JP Morgan’s corporate and investment bank (CIB).
Details may be scarce but there are tantalizing hints of what the investment bank has in mind. In job adverts for “exceptional coders” to be on the Roar team, it says it is aiming to create a product that is capable of predicting “the future of everything”. No small task that. And it will do so by harnessing “collective intelligence” and the “wisdom of crowds.”
In addition to its business applications, Roar may also be used for projects that aren’t for commercial gain. The same job adverts say that employees may also get to work with top-tier universities on civic and scientific applications.