The one subject that everyone today is acquainted with is the invention of the ChatGPT. Here, GPT stands for “generative pre-trained transformer.” It is a chatbot launched by OpenAI in 2022. It was built on top of OpenAI’s GPT-3.5 family of large language models and is enhanced for better quality and output by both reinforcement learning and supervised learning techniques. Going to the bank used to entail spending the majority of the day doing unproductive tasks like standing in long lines to become entangled with the complicated legacy systems.
However, with the advent of digital banking and online banking, the need for a physical presence for banking transactions has become obsolete. Various banking services can now be accessed via smartphone from anywhere in the world. The introduction of a conversational chatbot is a step forward in this version of digital banking and finance. These bots single-handedly help solve the problems of customers and make it easier and much more efficient for customer interactions with the banks.
Drawbacks of the current system:-
Characteristics of ChatGPT used for banking:
- available for round-the-clock conversations with customers.
- helps provide instant responses to any query.
- It is capable of seamlessly interpreting languages that are commonly spoken.
- It can provide specific user input at each point. a machine-learning bot that helps improve the customer experience by improving at each stage of customer conversations and responses.
- Reduce TAT and improve efficiency at every stage.
As the finance industry has continued to embrace the power of artificial intelligence and machine learning, ChatGPT has emerged as a game-changing tool for the industry. One of the most important and primary ways that ChatGPT has been used in the financial industry is through its ability to handle complex financial transactions and financial queries, which have helped provide reliable and accurate responses. This function has made the tool an invaluable resource for financial advisors, who can use the technology to help them provide a quickly expanding array of options for products and services for their customers. An additional use of ChatGPT has been to develop a new generation of financial chatbots. These chatbots, through simple, intuitive conversations, can assist customers with tasks such as tracking investments, making payments, checking account balances, etc.
But the impact of ChatGPT will go well beyond just providing support. It will help the investor get smarter by analysing complex financial data and processing it to find new trends and make improved and enhanced financial investment decisions. Overall, this bot got five million users in its first five days of launch. The impact has been prominent, and it will be interesting to see how ChatGPT can continue to shape the world of finance and technology as the model constantly improves and evolves.