Long gone are the days we thought impossibility is still a word in our vocabulary because living at the age of metaverse simply means yesterday’s unthinkable could well be tomorrow’s realities. Artificial intelligence in particular, fares with brighter colours as compared to their tech peers, and revamps the finance industry with an unprecedented speed with maximum convenience to both banking providers and the end consumers. For instance, AI bots are deployed to serve potential clients and perform automated risk reports of borrowers, eliminating frauds that may arise should those processes are carried out by a human being. But if you think those are the limited functions an AI bot could do, that is because you have yet to meet something like ChatGPT.
Oh yes, everyone is talking about the new kid in tech town which has attracted its first million of sign-ups within five days. From writing a user-oriented article, creating creative headlines to coding complex websites and applications, this chatbot can do wonders. And the best part? It is still a prototype model!
Now the question is, how is this thing going to flourish in the finance field?
More Than Meets the Eye
In many parts of the world, we are seeing androids in real life helping human beings to perform mundane activities or acting on behalf of certain professionals for their clients, like lawyers. As for ChatGPT, it was developed based on the GPT-3 language model, a system that allows developers to build and send chatty AI representatives for chatbots, virtual assistants, and other interactive applications. It continues to learn through the feedback given by users and questions thrown at it to provide an accurate solution to whatever a user is requesting. In other words, our daily financial transactions and financial health could well be assisted by the almighty bots.
Financial Choices Made Easy
Now, imagine when people who do not possess sufficient financial knowledge to deal with their monetary commitments or priority decisions are now given with the help of a conversational and much more intelligent bot to assist them. Wouldn’t it make our lives much easier than they already are? Let us not forget that certain financial transactions would be so tough to decipher, that we need to surf the Internet or even consult industry experts to gain an insight. Even then many of us would still be unable to make a wise choice.
Whether it is paying a parking ticket or inking a huge trading deal, numbers are never kids’ stuff, and it does not harm having an instant assistant to supply us all the information in the world we need. In short, if you can subscribe to purchasing convenience, why not?
Oh, before you click away from here, I wrote one of these paragraphs via ChatGPT but I am certain you could not tell which one it is.
(Photo Credits: Silicon Angle)