ChatGPT is a hot concept with several banks claiming to be experimenting with ChatGPT technology, how does this technology work for the financial industry?

But just saw an article from The Financial Brand, Jim Marous wrote “Our ChatGPT Interview Shows AI Future in Banking Is Scary-Good”, his perspective is very unique, he interviewed ChatGTP for this topic, worthy of reference and reflection, some key elements are as follows.
1. The banking industry can use ChatGPT technology in a variety of ways to improve operations and provide better service to customers. For example, ChatGPT can be used to automate customer service tasks, answer frequently asked questions or provide detailed information about products and services. Freeing up customer service representatives to focus on more complex or high-value tasks increases overall efficiency and customer satisfaction.
2. ChatGPT can be used to generate insights and analytics from large volumes of data, allowing banks to quickly and easily gain valuable insights into their operations and make more informed decisions.
3. ChatGPT can help improve the customer experience in a number of ways. For example, they can be used to provide personalized and accurate answers to customer questions in real time, resulting in faster and more efficient resolution of customer queries. They can also be used to generate customized product or service recommendations based on a customer’s individual needs and preferences.
4. ChatGPT can also assist in the creation of marketing content by generating human-like text that can be used in marketing materials. Provide ideas and suggestions for marketing campaigns, create product descriptions, and even write blogs and articles.
ChatGPT can be used to help automate routine tasks, freeing up customer service representatives to focus on more complex and high-value activities.
ChatGPT can be used to automate the processing and sorting of incoming customer inquiries, such as routing them to the appropriate department or customer service representative. It can also be used to help automate routine forms and paperwork, such as loan applications or account opening documents.
7. ChatGPT can also be used to assist in analyzing customer data and transactions, such as identifying potential fraud or unusual activity.
Overall, the use of large language models can help improve the efficiency and accuracy of the bank’s daily tasks, allowing customers, and employees to focus on more complex and value-added activities.