The advancements in large language models (LLMs) have caused both excitement and concern about their impact on various industries, including payments. AI is already utilized in payments, but LLMs can bring tremendous benefits to developers, product teams, and other stakeholders in the industry. LLMs can revolutionize sections of the card payments value chain that were previously unaffected by AI, such as the interactions between issuers and cardholders. However, barriers such as predictability and explainability still need to be addressed before LLMs can be implemented.
ChatGPT, the LLM mentioned in the article, is a language model developed by OpenAI. It utilizes deep learning algorithms to generate human-like text. The model was developed using an enormous dataset and can respond with human-like answers in a conversational manner.
OpenAI is an organization dedicated to the creation and advancement of AI technologies in a safe and beneficial manner. Elon Musk was one of the early investors in the company, but he later resigned from the board of directors. OpenAI is actively involved in research on AI safety and ethics.
Overall, LLMs are expected to have significant impacts on the payments industry, but there are still several challenges to overcome before they can be fully implemented. These models have the potential to improve customer experiences, reduce complaints, and more efficiently handle payment operations.
