The Impact Of ChatGPT And Open Banking Cannot Be Underestimated – Author, advisor and global commentator on digital financial services.
The dawn of the digital age has transformed how financial services are provided. We are now seeing a tremendous surge in the use of artificial intelligence and open banking APIs to deliver innovative, secure and convenient financial products to consumers. One of the pioneers of this new technology is Mike Kelly, an entrepreneur and fintech expert who has developed a plug-in called “BankGPT” that connects a person’s ChatGPT account with their bank account so that users can access their finances more quickly and easily.
With this exampe, it is evident that the potential of ChatGPT and open banking is huge and cannot be underestimated. Just like the story of John Stringfellow, William Samuel Henson and Frederick Marriott who tried to launch Britain’s first airline without airplanes in 1843, Mike’s experiment shows that pioneering projects can yield incredible results. Similarly, Mike’s “BankGPT” plug-in highlights the ability of AI and open banking to change the landscape of retail banking.
The use of ChatGPT and open banking is expected to increase further in the near future. This is due to the impending introduction of the “Consumer Duty” by the Financial Conduct Authority (FCA) in July. This law sets higher and more precise standards of consumer protection, and also requires firms to consider customers’ needs more seriously. Banks such as JPMorgan Chase are already developing AI-based technologies like “IndexGPT” to provide their customers with better investment services, and it would not take much more effort to extend the use of such technologies to assist consumers with a variety of financial services.
Furthermore, artificial intelligence can be used under a consumer duty of care to offer financial health services. Users could rely on bots for help with budgeting, money management and other financial decisions, thus making them more financially secure. All of this combined clearly shows the huge potential of ChatGPT and open banking, and it is likely that they will revolutionize the financial sector as we know it today.
The Aerial Transit Company is a perfect example of how entrepreneurs can make a huge impact on the world, even if the results of their efforts are not so evident initially. Despite the hurdles they had to face, they still managed to see the potential of their idea and provided a business model for what eventually became an integral part of modern life – air travel.
Similarly, Mike Kelly is an example of ingenuity and determination. He successfully connected ChatGPT and open banking APIs, proving that it is not only possible but also straightforward to link the two technologies in order to provide people with convenience and financial security. He is a true pioneer of the digital financial services revolution.
