ChatGPT revolution: Reshaping the future of financial advice
ChatGPT has been making headlines across the world and has accumulated 100 million users within a span of two months. This is indicative of the meteoric rise of large language models and AI technologies, which are transforming the world of finance. Aveni CEO Joseph Twigg and lead NLP engineer Iria Del Rio recently discussed the revolutionary impact of ChatGPT and what it signifies for the world of financial advice and services.
ChatGPT is a game-changer in the realm of Natural Language Processing and a prime example of a large language model. These models excel at predicting subsequent words based on a given context, whether for lengthy paragraphs or extensive text. They learn from text available on the internet, making them a kind of black box technology. However, ongoing research and techniques like fact-checking and traceability are helping to demystify these models’ responses.
ChatGPT's potential to transform the financial services sector is enormous, but it is essential to keep the information up-to-date and accessible on the internet. In a regulated sector like financial services, domain expertise and risk management are crucial. The AI technology is not poised to replace financial advisor jobs in the immediate future. However, the effective use of AI could usher in a productivity revolution, allowing advisors to handle 2-3 times more clients without compromising on service quality.
The productivity revolution hinges on ‘human plus’ activity. AI has traditionally been deployed in niche areas, but now the industry is moving towards a broader application of AI, with AI assistants becoming a part of our daily lives, thereby reducing the administrative burden. This will allow advisors to focus more on relationship and customer support. Aveni has developed Aveni Assist, based on the GPT3.5 Turbo model. It’s been designed specifically for financial advice and wealth management. It uses prompt engineering, information retrieval mechanisms, and traceability algorithms to ensure accurate data output. Aveni Assist can streamline the workflow, reducing a typical three-hour task to 15 to 30 minutes. We believe this will revolutionize the administrative and risk management burden in the sector.
With large language models, the combination of LLMs with other tools proves extremely advantageous in financial services, but it requires domain expertise and risk management. Despite the advances in AI, it is still uncertain if it aligns with consumer preferences. However, the potential to streamline workflows, productivity revolution, and focus on customer support with the help of AI presents a promising future for the financial services sector.
