The emergence of generative artificial intelligence has taken the tech industry by storm, offering unprecedented possibilities in automation, problem-solving, and revolutionary capabilities. OpenAI, a company based in San Francisco, created ChatGPT, a groundbreaking AI language model that has now permeated different fields, including education and finance.
ChatGPT’s impact on education is transformative, as it offers personalized and accessible learning opportunities through its Natural Language Processing (NLP) capacities. As a virtual tutor, it can provide instant feedback, answer questions, aid students in problem-solving, and generate interactive conversations, increasing student engagement, and knowledge retention. Furthermore, ChatGPT can reduce teachers’ workload by automating various processes, including test grading and lesson planning.
In the financial sector, FinTech platforms are leveraging AI to expand access to formal credit, enabling emerging borrowers to realize their financial goals. ChatGPT’s conversational abilities can provide various services, such as those of a virtual loan officer, by determining a customer’s creditworthiness and offering better turnaround times for loan approvals. Additionally, the chatbot’s ability to analyze vast amounts of financial data, including credit history, income, and purpose of borrowing, provides valuable insights and risk assessments, leading to informed lending decisions and reducing chances of default, rendering a robust and sustainable credit ecosystem.
However, the application of such advanced generative artificial intelligence has limitations, including biases that may be contained in its code. Safe usage of data and user acceptance and trust are also integral to its adoption. Additionally, ChatGPT’s database only goes up until December 2022, which might limit its capabilities. Nonetheless, AI technologies, such as ChatGPT, are here to make a significant impact on the lives of millions of people, and their future is undoubtedly bright.
