Revolutionizing Finance with ChatGPT: from chatbots to predictive models
Technology has greatly impacted the financial services industry. Blockchain technology has improved security by providing a decentralized and transparent way to record transactions. Artificial intelligence and machine learning have led to the development of more sophisticated and personalized financial products and services. Robotic process automation has increased efficiency and speed in handling repetitive tasks. Digital banking has expanded access to financial services, particularly for underbanked populations. The continued advancement of technology is expected to bring even more changes and improvements to the financial services industry in the future.
ChatGPT can help further technology adoption in finance in a number of ways:
ChatGPT can also assist in the development of predictive models that can improve risk management and fraud detection in financial services.
Overall, ChatGPT can help financial organizations automate, streamline, and enhance many aspects of their operations and services through the use of advanced natural language processing and machine learning techniques.
How do you think ChatGPT will revolutionalize finance? BTW, except for this last paragraph, the entire article including the title was written by ChatGPT.
Deep learning, NLP. AI Agents
1 年opportunities to leverage chat GPT capabilities are indeed immense. it does come with significant risks and thirsty of resources. The current version GPT 3.5 powering the model runs with 175 billion parameters - let's just say it requires huge computation capabilities for every response. this model was first launched in may 2020 and went through good performance improvements in the last 2 years rather rapidly, courtesy Microsoft. I would say chat GPT is one of the finest branding methods. It took the world by storm, perhaps spending $100-150K per day. the kind of popularity they garnered is likely to return the branding investment within a year itself. it is rather a good attempt to be artificial general intelligence model which is more of a prototype. For most of the requirements in finance, we need to train the model and use for a specific (narrow) purpose.
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1 年I wish cGPT all the best & I am sure it will create a totally NEW AVENUE in this very New Concept!!!
Investor @ Starburst
1 年Hi Shrini, will it ever be? So far Microsoft mentioned integrating cGPT with their Office suite - I personally don't think we can expect great execution from Microsoft, nor user-centric design of new applications (financial, acct mgmt..) They eventually will figure it out & we will see them opening cGPT to 3rd party developers after paying a hefty price for it. How fast they do it & how will they monetize this will determine the ROI..
FP&A | Corporate Finance | Transformation | Change Management | Data & Analytics | Automation
1 年I think Chatgpt can provide a good execution path / steps or validation of solution, however automation ideas has to come from within organization. Also in order to drive automation in finance, organization need to re-engineer the processes and try to make it more globally aligned and avoid any human biases. Also it is important to build a strong data and related governance process since automation works very much hand in hand with data and related insights. More importantly collaboration with business and operations is key to success. In todays world unfortunately significant part of organizations are still living in individual excel files ??