What is Chat GPT? According to Wikipedia, ChatGPT (Generative Pre-trained Transformer) is a chatbot launched by OpenAI in November 2022. It is built on top of OpenAI’s GPT-3.5 family of large language models and is fine-tuned with both supervised and reinforcement learning techniques.
What will be its impact on finance? Well to find out, I asked it, and this was its response:
“As the finance industry continues to embrace the power of artificial intelligence, ChatGPT has emerged as a game-changing tool. For those unfamiliar, ChatGPT is a variant of the popular GPT-3 language model, specifically tailored for chatbot applications.
One of the primary ways that ChatGPT has had an impact on finance is through its ability to handle complex financial queries and provide accurate, reliable responses. This has made it an invaluable resource for financial advisors, who can use it to assist clients quickly and efficiently with a wide range of questions.
In addition to providing support to financial advisors, ChatGPT has also been used to develop a new generation of financial chatbots. These chatbots can assist customers with tasks such as checking account balances, making payments, and tracking investments, all through simple, intuitive conversations.
But ChatGPT’s impact on finance goes beyond just customer service and support. It has also been used to analyze financial data and make more informed investment decisions. By training ChatGPT on vast amounts of financial data, companies have been able to leverage its machine learning capabilities to identify trends and patterns that may not have been visible to human analysts.
Overall, ChatGPT has proven to be a powerful tool for the finance industry, helping to streamline processes, improve customer service, and make more informed decisions. As the technology continues to evolve and improve, it will be interesting to see how it continues to shape the world of finance.”
As you can see, its core functionality is to mimic a human conversationalist, it can be versatile in its responses and even improvise. However, it has limitations. The major issue is that it has no real knowledge of the correctness of its answers, it can emit responses that sound reasonable, but when validated turn out to be non-sensical or false. Is any of the above actually true?
So where does Channel see ChatGPT having an impact? As a useful assistant who can minimise the “blank page” state. Often when you have a task to complete, it’s getting started that takes the biggest effort. ChatGPT can help you get over the initial hump and into a productive flow. It will become an additional required skill to be able to prompt tools such as ChatGPT to produce the best initial output, but the output will need to be human moderated (for now at least) for correctness.
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