Nowadays, more and more, people are using new technology such as chat bots powered by artificial intelligence. Chatbots are widely used in the financial industry, largely to decipher the messages put out by the Federal Reserve, or Fed, and to make sense of news stories on corporate developments.
Two recent studies – one conducted by Federal Reserve employees and another by researchers at the University of Florida – have appeared to affirm the efficacy of ChatGPT. These studies suggest that compared to Google’s widely used BERT dictionary-based classification system, the ChatGPT created by OpenAI appears to be more reliable in analyzing Fed texts and company news.
However, independent asset managers in Switzerland remain skeptical of the technology. In a survey, more than half of respondents said that text generated by AI-powered chatbots is overrated. This has led to a certain hesitance from investing in AI-based firms.
In addition, customer advisors at banks are legitimately questioning the sustainability of their job prospects in years to come, as banking will most likely no longer require as much human interaction due to the advances of technology.
Though this situation may appear dire, digital assistants powered by chatbots may very well become major productivity tools that shore up the jobs of traditional advisors in the future. Users will only embrace this technology when they are sure that the chatbot can be trusted and is genuinely useful.
This definitely appears to be the case for internationally active Swiss banks which are making use of the technology in the Anglo-Saxon and Asian regions, where banking chatbots are more widely used.
OpenAI, the US-based company that created ChatGPT, promises significant advances in AI-based text generation. Ultimately, though, the success of the product depends on how much trust the industry is willing to place in it.
