ChatGPT and Generative AI in Financial Services: Reality, Hype or Both?
ChatGPT, a conversational AI model created by OpenAI, has been the talk of the tech industry in 2023. With the potential to revolutionize the financial services industry, players in payments, banking, and insurance are keen to understand how they can utilize generative AI to their advantage.
Personalized marketing and customer experiences, process automation, fraud detection, risk assessment, customer success, and product development are some of the most promising use cases for generative AI in the financial services industry. However, it is important to note that it is not yet suitable for compliance, decision-making, and high-risk areas such as securing payment systems or overseeing trading.
While generative AI's rise may seem sudden, the industry's adoption of this disruptive technology will take time. Early adopters have the most to gain, so it is crucial to prepare for implementation now or at least start the process.
In our report, we explore how generative AI can impact the financial services space, identify the most and least promising use cases, and outline the steps providers can take to prepare for its rise. Click here to purchase this report and use code CHATGPT100 for $100 off.
