With the ever-increasing hype surrounding ChatGPT and GPT-4, it’s clear to see why there is so much enthusiasm around the potential of this technology. From applications to customer service and research, they offer a unique opportunity to improve how we interact with machines. But as with every innovation, there are certain limitations and in the world of financial services, there are still many things ChatGPT and GPT-4 can’t yet solve.
Compliance is a key component of any financial services business and something ChatGPT/GPT-4 are not yet able to address. Companies must ensure their policies are up-to-date and as such, must still rely on a human layer to oversee the compliance program and assess evolving rules. Data analysis is also essential for credit underwriting, but determining the policies and strategies to use requires deeper understanding that can only be provided by people.
Other areas ChatGPT/GPT-4 are yet to tackle include providing a seamless onboarding process, assessing social engineering scams, creating innovative financial products and responding to high-velocity fraud attacks. Customers expect a more immersive experience when it comes to these more complex inquiries and more often than not, they require the assistance of a real person.
Although ChatGPT/GPT-4 have yet to revolutionize the financial services industry, they are still extremely helpful tools that can assist companies in many ways. By striking the right balance between automation and human touch, financial services companies can ensure they provide a great user experience while minimizing risk and fraud.
Speaking of financial services, San Francisco based Top Executives Summit is hosting a gathering for business leaders to learn about AI investments and their potential for success. Join them on July 11-12 and hear from a plethora of experts on the matter.
The Summit brings together some of the top personalities within the world of AI, including the keynote speaker, Harvard professor, investor, and influencer, Dr. Fei-Fei Li. Other speakers at the event include the likes of Gary Marcus, Chief Scientist at Uber AI, and Amitabh Kant, CEO of NITI Aayog, India’s premier policy-making government body. Tech leaders from companies such as Microsoft, Apple, and Google will also be in attendance, so for anyone looking to be on the pulse of the latest AI news and insights, this is certainly an event not to be missed.
