Experts have predicted the potential impact of ChatGPT in various sectors, and it seems that Wall Street will not be an exception. Microsoft invested 10 billion dollars in the start-up during its latest funding round at the end of January, valuing the company at 29 billion dollars.
The AI tool can write grammatically correct school essays (though lacking in content) or give good advice on how to negotiate a salary increase, among other things, making interacting with it fun. However, people have begun to question the impact it could have on numerous sectors.
It’s still early, but experts already expect the chatbot and its underlying technology to be used as a tool to improve productivity in the financial sector. “It will automate certain tasks, allowing workers to focus on others of greater value,” explains Dylan Roberts, partner and director at KPMG.
Some believe that ChatGPT may replace humans in certain functions, but the decision is in the hands of customers. “Technology will be able to do it; the question is whether customers will accept it or not,” explains Peter-Jan Van de Venn, global digital banking vice president at Mobiquity.
ChatGPT, on the other hand, has some issues with its application to finance. According to Charles Hearn, technology director at fintech Alloy, it is a “black box” product, meaning that AI can offer answers without knowing how it arrived at them. This process can complicate compliance with some financial service regulations.
Dev Patnaik, CEO of Jump Associates, states that quickly discarding tools like ChatGPT is a mistake. “You’re using all your intellectual capacity to accumulate reasons why the future won’t happen instead of thinking and reasoning about what you’re going to do about it when it does happen,” Patnaik states.