ChatGPT in Finance Industry

Around 1 million was the user demand within 5 days that was being seen for the most versatile chatbot created in human history. A powerful and useful tool for generating human-like text in real time. It has the ability to understand and respond to a wide range of inputs and can be used for various applications, including chatbots, language translation, and content generation.

It took Instagram 2.5 months to reach 1 million users, 10 months for Facebook, 24 months for Twitter, and 41 months for Netflix. The chat GPT has made headlines after headlines all throughout the web after its launch.

Now, what is the Chat GTP?
Who else better to explain that than the creator or let’s say the creation itself.

“GPT (short for “Generative Pre-training Transformer”) is a type of language model developed by OpenAI. It is designed to generate human-like text by predicting the next word in a sequence based on the context provided by the previous words. GPT can be used for a variety of natural language processing tasks, such as language translation, summarization, and question answering.

I was trained using a process called unsupervised learning, which involves feeding a large amount of text data into a computer program and allowing the program to learn from the data on its own. This type of training allows me to understand and generate human-like text, and to improve my capabilities over time as I continue to learn from new data.

In addition to this unsupervised training, I also receive regular updates and improvements from the team at OpenAI. Tshes updates help me to refine my understanding of language and improve my ability to assist with a wide range of tasks. Overall, my training is designed to help me provide accurate and helpful information to the best of my abilities.”

This was the answer I got when enquired about it, the interesting fact here is that this was a complex answer that has to be given to any layman, and unless somebody has a great depth of knowledge on the same would not be able to produce such an answer in simple English.

Now, Chat GPT was launched by a company called Open AI, a company launched by Elon Musk and Sam Altman, after which Elon musk exited the firm, the company is focused on exploring the capabilities of Artificial Intelligence and Machine Learning. Till now they have launched products like:

GitHub Copilot, a software that helps in coding assistance
Open AI GYM — A Learning Library for research and studies
DALL-E — A digital art-creating software
Muse Net — An AI put to use for Music
The Wisper — AI Neural Speech Recognition

The Chat GPT is not the first of its kind as big players like Microsoft and Facebook has also once launched their chatbots but had to put them down because of the harsh comments and statements it gave to the public, as it is not easy to censor such an open-ended tech. The Chat GPT is also in its beta version where it is now open for all to use to look into its defects.

As the tech is now free for all to explore it is gaining traction really fast, people now are using the beta version for content creation, sales automation, solving complex math problems, even the SAT exams are being tested with the Chat GPT. Even python codes are being created with the help of GPT.

Although they have another dedicated software that can do the same job its much better with the chat GPT as it memorizes the previous conversation, thus any error in the codes that occurred can be rectified in a simple conversation way.

Now looking at the practical uses of the Chat GPT it is sure that this poses a serious threat to the job market in the future. So looking broadly into the future how can this new flashy product help the finance domain?

Chat Bots

The banks use chatbots extensively in their banking systems in order to replace the salespersons who have to do the same conversations with multiple customers. The industry as a whole would require such bots on multiple layers of their functions in order to keep in pace with the new age demand. Looking into the future may be the whole process of onboarding a customer can be automated with superior-level chatbots like Chat GPT.
When asked a question regarding which is heavier 1 kg of iron or 1 kg of cotton to the chat GPT its answered was the iron, and even though the answer was wrong it had its own data to prove that it was right. Taking that into perspective it won’t be a hard task for Chat GPT to just analyze the internet data for a particular person analyze it provide a personalized investment plan, glorify the terms he was looking for and convince him to deposit his money into a particular bank, jobs of different layers are being replaced by these Bots.

And somewhat this is right now in the process:

“Erica chatbot by Bank of America is a great example of how to simplify banking operations and deliver value to customers. The bot helps customers in a variety of banking activities such as balance inquiries, bill payments, and fund transfers. It also offers information about credit scores and spending trends.”

The Misuse of technical Jargon words in business documents

Usually, companies who have good money power may use a good team of lawyers in order to draft business documents which may be filled with words that may not be relatable to an ordinary person who runs a firm with low budgets to hire such expert lawyers for verifying each and every document they have to through. And it is possible for a person to go through these documents with help of multiple google searches, but a much better way would be to use these bots to decode these documents. And if needed the same can be used to produce documents that are of the same or much better than that of the lawyers.

In fact there is a company named DoNotPay, the world’s first robot lawyer, that runs on top of the GPT 3 technology. Who helps people with traffic tickets to not pay any charges or reduce the charges that have to be paid.

Tool for Research

It is obvious that this GPT3 technology can be used as a replacement to multiple google searches, but the real game changer is in the process of interactions, i.e. the software remembers its conversations, so the person who knows his stuff can go in-depth with his observations and can easily fetch data from the whole internet. It may not provide users with moderate questions and good feedback, but it has definite answers to more complex or more clarity questions.

If speaking specifically to the finance industry, it is crucial for a professional research analyst to go through the conference calls of companies to get a better grip on the ongoing business of these companies. Usually, the con calls are really lengthy documents that have to be read by the investors. Thus Tech like GTP 3 would be a much more efficient tool to provide key insights in the documents, as most of the data in the document would be conversations between the managers and investors, so softwares like GPT which is efficient in picking tracking language patterns would able to summarize these data.

Tax Adviser

The taxation is the one thing that will be a constant problem for any individual who earns income. And the beauty of it is that it is never going to be a constant figure, the govt has all the rights to change the rates, terms, conditions etc. The merchants or individuals who may require a professional for tax-related problems can now go forward with the GPT 3 technology. All the attributes that a tax professional uses can be replicated by these AI-powered bots, like large data analysis, finding patterns producing innovative answers. And the best one fetching the most updated data from the internet.

Search Engine

Nowadays the ability to share all the data with the world has produced concentrated groups within the whole internet. One such concentrated group would be the community of traders. Where they share their best strategies and their new updated methodologies with their own improvisations. One of the best examples would be that of the Tradingview website where most traders all around the world have provided their views on the strategies. Now, such unstructured data spread all around can be easily fetched by these new-age technologies. These kinds of data can be easily fetched in a more efficient manner better than that of a simple google search, where the search is not limited to a keyword.

In conclusion, Chat GPT is a powerful and useful tool for generating human-like text in real-time. It has the ability to understand and respond to a wide range of inputs and can be used for various applications, including chatbots, language translation, and content generation. While it is not perfect and may sometimes generate responses that are inappropriate or incorrect, it has the potential to greatly improve the efficiency and accuracy of many tasks that require natural language processing. Overall, Chat GPT is a promising advancement in the field of artificial intelligence and has the potential to revolutionize the way we interact with computers and machines.

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