ChatGPT, a conversational AI model designed by the OpenAI Company, has been making waves across the tech sector in 2021. Financial services companies such as those in payments, banking, and insurance industries are truly exploring how they can make use of the generative AI technology in their business decisions.
Generative AI has the potential to be a game-changer for financial services industries due to its ability to provide more customized solutions. This could be in the form of personalized marketing, process automation, fraud defense, risk assessment, customer success, or product development. While this technology looks promising in the short run, it cannot yet be considered for compliance, decisioning, or high-risk areas like payment systems or stock markets.
The embrace of generative AI technology in the world of finance does not happen overnight—but those that act early have the most chances of coming out successful. This report from Insider Intelligence will provide readers with invaluable insights into the potential of generative AI in the financial services space, and it will also enlighten readers to the most and least promising uses for this technology. Furthermore, it will highlight any steps that financial services providers need to take to prepare for such a breakthrough.
OpenAI is a leading artificial intelligence research laboratory, founded in 2015 by Elon Musk, Ilya Sutskever, Greg Brockman, Jeff Dean and several other members of the research community with the goal of ensuring that intelligent technology benefits the entire world. OpenAI’s works focuses on several aspects of machine learning such as computer vision, natural language processing, robotics, and all sorts of AI related technologies. The company recently made news as they launched their Conversational AI Model, ChatGPT, which is expected to form the basis of many future applications.
Ilya Sutskever is the co-founder and Chief Scientist of OpenAI, an Artificial Intelligence research laboratory, and is an important figure in the advancement of AI. Throughout his career in AI, he has been the recipient of numerous awards and accolades including being awarded the the Association for Computational Linguistics’ 2017 Lifetime Achievement Award. He is a renowned researcher in the field of Deep Learning, in which he co-invented the celebrated Long short-term memory and Deep Q-Network models. With a profound understanding of the AI space, Sutskever serves as an invaluable asset to OpenAI.
