What is Chat GPT | AI and Finance Sector

What is Chat GPT, Relationship between AI and Finance Sector! ChatGPT dropped like a bombshell on the agenda. This development also showed the closest level of AI-based chatbots to humans. So much so that the general rule is that this chatbot will be the biggest competitor against Google and perhaps it will seriously force Google… We’re going to look at it from a slightly different angle. We will seek an answer to the question “What kind of benefits will the use of this chatbot in the financial sector provide?”

What is Chat GPT?

What is Chat GPT? It is a prototype AI-based chatbot developed by OpenAI that specializes in dialogue. ChatGPT uses a language modeling equipped with both supervised and reinforcement learning techniques. ChatGPT was launched as a prototype on November 30, 2022, and has managed to attract attention in a short time with its detailed and understandable answers from many areas of information.

Who founded ChatGPT and for what purpose?

OpenAI, the company that owns ChatGPT, was founded in San Francisco in 2015. His partners include Elon Musk, Sam Atman, Peter Thiel. Although it was founded as a non-profit company, it became a for-profit company in 2019 by receiving investment from Microsoft Bill Gates ($10 billion).

ChatGPT is a bot trained by providing real answers to people’s questions or helping with tasks. ChatGPT is derived from a GPT-3.5 series AI model and is also based on the OpenAI language model called InstructGPT. In particular, since ChatGPT is trained based on human feedback, it is very important for this language model to interact with people for development. As these interactions increase, so does the system’s ability to learn and the validation rate of its feedback. However, the system still talks about the importance of giving feedback if the answers given are incorrect.

How About A Bird’S Eye View of ChatGPT?

OpenAI launched in 2015 to create a prototype conversational AI chatbot that can understand natural human language and produce impressively detailed, human-like written texts. It is the latest evolution of the GPT or Generative Pre-Trained Transformer family of text-generating AIs. So why are ChatGPT technologists so excited about this chatbot that can answer questions and write articles also poems?

GPT can create a human feeling with the return it gives to users with its artificial intelligence. Google has difficulty accessing the data it wants to search on its base and cannot measure the accuracy of the data in front of it. The accuracy of this data should be compared with other sites and it should be convinced that it is correct. But here, if false information is more common than true information and is above in the search result, the user may think that the wrong information is correct. But with GPT, it’s a little different.

First of all, GPT searches the text over the web, finds the verified data and returns to it in accordance with the structure of the text managed to it. OpenAI requires that if these responses produce false, misleading, offensive or biased content, it must be notified. This is because it allows the algorithm to learn these errors and complete the prototype time correctly.

Ask GPT? What is Chat GPT?

When this process is completed, it is expected that Google will provide them with accurate and fast access to the data they need, rather than the search engine in which Google is lost or provides access to erroneous and incorrect information. This means that Google’s decades-long reign is in serious danger.

I would like to give you an example of how GPT, which I mentioned in my article, gives human answers (content that can create emotions). The Washington Post reporter told GPT that he wanted to write an article about “ChatGPT” and asked him to suggest a title about it. GPT also returned to the user with three suggestions. These;

  • The GPT-3 chatbot is revolutionizing the way we communicate with AI.
  • Meet the GPT-3 chatbot: the smartest artificial intelligence on the planet.
  • The GPT-3 chatbot outperforms humans with its advanced conversational capabilities.

OK. Especially if we concentrate on the meaning of the third proposal, we should start slowly to be ready for a new beginning…

Can ChatGPT Revolutionize the Financial Industry? What is Chat GPT for financial Sector?

When you examine the financial sector closely, what you will see is that it can adapt very quickly to current needs differences or periodic transformations (such as digitalization). Another event that breaks the general opinion here is that although most of the financial institutions are composed of large organizations and the fact that the duties of the units in the company structures are clearly defined and consist of serious hierarchical structures, does not have a negative effect on this development or change. This works in reverse in many industries. In particular, it is unlikely that periodic changes will be made in the corporate cultures of large organizations.

Banks are the locomotive structures of the financial sector. At the same time, they have to be in constant contact with very serious masses of people and meet their momentary changing needs. In doing so, a good communication and a communication network that understands them (especially in our country) should be established. Of course, the basic theory of every sale is that whatever happens in customer-seller negotiations should talk from the same frequency and mirroring model. But since we are talking about two people here, it is not possible for people with two different feelings to do this 100 percent and for the seller (you can think of it as a customer representative) to implement it even if you request it for every customer. Any communication that the right relationship is not established here results in customer loss.

Banks and AI GPT!

Banks looking for alternative channels to the two-human relationship have carried out the following methodology here. Take care of your own need or demand. As a matter of fact, this point of view is not a wrong point of view. However, the most fundamental risk of this in banks is “Cost-Sensitive Customer Loyalty”. This causes a serious customer cost for banks. For this reason, banks are also making these improvements in their own infrastructure, while at the same time they are incurring costs for the training of sales teams and the development of sales staff. Banks cannot provide the same rates to their customers every period, either due to their own balance sheets or government policies.

For this reason, cost-oriented customer portfolio will cause a serious loss of customers. Therefore, banks need a customer portfolio based on bank relationship instead of cost-oriented customer portfolio. It is precisely here that GPT has been developed and customized (designed specifically for the financial sector), which will reduce the physical costs of the bank that can communicate with customers and will be able to return what customers want to say in the language of the customer. This will begin to fundamentally change the banking sector, which is one of the sectors with the highest customer base.

Will GPT and Banks cross paths somewhere?

With the addition of GPT to the systemic structures established by banks with financial analysis and machine learning, the digitalized and completely customer-specific banking experience is not far away. Thus, I foresee that the branches created with great costs will become information points in time. I think banks that combine GPT and modeling AI will move far beyond the industry.

Everyone now tends to buy personalized products or activities. Because people want to establish a connection with the product or service they buy and accumulate memories. For this reason, the process in the banking sector will also trend towards this side. Almost all banks globally have integrated customer-based modeling systems with AI learning. This process actually covers the client’s final transactions.

Here, customers prefer the bank they obtain with the most affordable cost with the financial comparison method because they cannot connect. However, at the beginning of this process, I think that customer experience and loyalty can be significantly increased with a chatbot that is almost exactly compatible in terms of the way of conversation and that they can reach whenever they need it and at the same time have all the information. What is Chat GPT and Will GPT and Banks cross paths somewhere? We will see!

Semih Bulgur

l am a knowledge worker who works hard to make you informed about original knowledges from international sources!

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