ChatGPT, OpenAI’s generative AI-powered conversational chatbot, is making headlines in 2023. Generative AI could change the banking industry in a variety of ways, such as creating marketing visuals and texts, responding to customer queries through virtual assistants, and refining the accuracy and efficiency of machine learning applications.
Retail banking, SMB banking, commercial banking, and investment banking are all likely to be transformed by generative AI over the next few years. This technology could be employed to facilitate fraud detection, customize offers, automate virtual attending, and develop automated wealth management plans. On the other hand, it might be difficult to use generative AI for loan decisions, trading, and regulatory compliance for some time.
Although this revolutionary technology seems to have arrived, it will still take a significant amount of time for businesses to fully accept and embrace its potential. To learn more about ChatGPT and Generative AI in Banking, please be sure to purchase this report from Insider Intelligence.
OpenAI is a research and development AI company based in San Francisco that specializes in artificial intelligence. Founded in 2018, OpenAI has made advancements in artificial intelligence, particularly in conversational chatbot technologies and natural language processing. Notable members of their team include co-chairman, Greg Brockman, and advisor, Elon Musk.
Greg Brockman is the current chairman of OpenAI and previously served as the chief technology officer at the company. Brockman worked with tech giants such as Microsoft and Stripe and has a long history in machine learning and artificial intelligence. Elon Musk, a notorious entrepreneur, author, and founder of SpaceX, serves as an advisor to OpenAI and has long shown a deep interest in the advancement of AI technology.
