ChatGPT will break financial services, but then it might save it
Mahesh Raja
Chief Growth Officer | Customer Success and Technology Leader | Sales & Partner Success
ChatGPT, the AI powered chatbot is getting viral as its intelligence and precision has surpassed any previous models available to the public. It's already being used to write marketing copies and computer code. As many industry leaders are being fascinated by its future use cases, financial industry leaders are on the edge. Robo advisor firms have already taken nearly $1 trillion in AUM over the past decade and adding ChatGPT to their arsenal will further turbocharge their ability to provide trusted advice and planning on the full range of financial services - from pensions to insurance to tax strategy. This can disrupt the traditional financial services business of selling trust and advisory services to individuals. Read more on how Financial Services firms can leverage the power of such platforms....
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ChatGPT, the AI powered chatbot is getting viral as its intelligence and precision has surpassed any previous models available to the public. It's already being used to write marketing copies and computer code. As many industry leaders are being fascinated by its future use cases, financial industry leaders are on the edge. Robo advisor firms have already taken nearly $1 trillion in AUM over the past decade and adding ChatGPT to their arsenal will further turbocharge their ability to provide trusted advice and planning on the full range of financial services - from pensions to insurance to tax strategy. This can disrupt the traditional financial services business of selling trust and advisory services to individuals.
However, ChatGPT won't replace the need for all human financial advice as people will always want personalized counsel. It will simply push humans up the chain and will put a premium on human counsel that is genuinely creative, original and empathetic. Financial industry leaders should invest in training their people to provide the kind of value to customers that machines can't replicate. AI has the potential to break the financial services industry as we know it. It also has the potential to save it — if leaders take home the right lessons and get going now.
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?** note - all views presented are solely of the author and all references / sources used are captured as well.
Data & AI Leader | CXO Advisor | Gen AI Evangelist
1 年Very nicely put, Mahesh - "It will simply push humans up the chain and will put a premium on human counsel that is genuinely creative, original and empathetic"
Marketing Leader | Strategic Growth, Business Marketing, Team Building
1 年Interesting take. A lot of the search & respond features, and processes will likely be replaced by conversational AI, impacting multiple customer touchpoints.
I agree , I don’t think it is going to impact big …Algorithmic trading has been there for more than a decade, fixed income trades are powered by AI …. If Analytics and charts could make traders win then all technical analysts would have been billionaires