Love it or loathe it, the OpenAI-founded tool is shaking up the world in a big way, with users trying the chat with GPT-3 function to do everything, including:
- Generating text for emails, articles, poetry, and songs
- Translating from one language into another one
- Summarizing long text into a shorter one
- Ask questions and get answers almost instantaneously
- Converse with a virtual assistant
- Review computer code
- Much, much more.
Not just OpenAI’s text generator
ChatGPT by OpenAI isn’t just a mindless AI chat generator, as its GPT name suggests, it is a generative pre-trained transformer. The platform’s chat-like capabilities are key to its success, delivering a natural conversational flow that appeals to its audiences. Its AI technology allows it to integrate and aggregate systems such as chatbots, virtual assistants, search engines, and more to gather results from a truly diverse range of sources.
However, it is important to note that the OpenAI GPT-3 text generator is not omnipotent. It is quite simply an AI language model designed to help its users understand concepts and generate text. Some more advanced features like live bot connection to your website, and predictive models building are available in the paid subscription.
So, without further ado, let’s take a look at some of the potential (and real) impacts of how to chat with GPT-3 and get results for the finance industry.
10 ways how to use ChatGPT for finance business
The GPT-3 chat online tool is actually a helpful platform to support and optimize business. Below we’ll explore the top 10 ways we see ChatGPT improving finance.
1. Tracking financial legislation
Financial legislation and regulations are changing, causing a massive industry shake-up. For organizations, especially those working across multiple countries, keeping track is more important than ever to keep compliant. How can the OpenAI text generator help?
- Continuous monitoring—by tracking updates on government websites, and other legitimate online sources, companies can employ the technology to notify them and optimize compliance.
- Extract key updates—compliance legislation is often extensive and getting the crucial information can be like searching for a needle in a haystack. A few minutes of chat with GPT-3 can get the most important elements and avoid penalties or missed deadlines for not updating compliance in time.
- Integrations with compliance management systems—automation is one of the key trends hitting the finance industry at the moment and with ChatGPT’s help, this becomes even easier to highlight areas of non-compliance and helps financial bodies stay up-to-date.
2. Gathering statistics
Big Data never left. It just got even smarter. ChatGPT harnesses the power of data, allowing it to optimize and work with wider and bigger batches of data to give insights to companies. It can:
- Collect data—gather data from various sources, this smart online tool can collect and store information quickly and effectively, saving staff time and energy.
- Clean data—unfortunately, data on its own is no good. For it to be useful, it must be cleaned and managed. ChatGPT solves this by deleting irrelevant data and formatting what’s needed.
- Analyze data—from establishing trends among the sea of digits to making predictions based on available data, ChatGPT is a fairly powerful tool to get the most company data.
3. Monitoring the competitive landscape
The financial industry is highly competitive, with new products and services emerging at a rapid pace—its CAGR is estimated at around 6% in the next five years. ChatGPT used correctly, can help companies take the competitive edge by:
- Extracting competitor information—manually trawling through competitor resources is time-consuming and analysts may fail to establish the nuances between firms, which are essential in establishing unique selling points, and customer value, and informing future strategies.
- Identifying new market opportunities—alongside evaluating individual competitors, the GPT-3 chat online tool can look for gaps in the wider market, perhaps where that company could excel and take advantage.
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4. Tracking local trends
Personalization and localization are growing trends, and they’re here to stay. However, managing these processes would take incredible staffing levels and hours of manual work. ChatGPT can take on the heavy lifting to:
- Undertake sentiment analysis—predicting market movement can be challenging without sentiment analysis. ChatGPT undertakes this and monitors a variety of sources including social media, news, and reviews to deliver the overall market ‘feeling’ or sentiment, informing strategy and iterating products.
- Identify local trends—by analyzing market data over time, companies can understand trends that are happening in a particular region. For example, this may highlight a need for more brick-and-mortar or digital services in a particular area based on trends or growth patterns.
- Monitor news—there is so much information out there and analyzing it all is unproductive to business IF undertaken manually. ChatGPT optimizes the process and monitors relevant news to give tailored feedback and data for analysis.
5. Making market predictions
The financial market is constantly evolving, making it challenging for businesses to keep up with loan management trends and adjust their strategies accordingly. However, just like the economic crash of 2008, if looking at the data, all becomes clear. Armed with ChatGPT’s features, companies can develop smart predictive models that detect trends, and future market likelihoods and deliver forecasts.
- Tailor predictive models—by taking into account a vast range of information, ChatGPT can observe trends, such as demand and supply, market changes, and others more acutely to reveal underlying factors faster than competitors.
- Forecast future conditions—undertaking market prognoses and generating reports based on trends and forecasts, ChatGPT can inform decision-makers about circumstances that may be occurring, allowing them to strategize faster.
Have you tried ChatGPT yet?
6. Generating in-depth reports
Reporting is a natural part of any business. It helps keep records and establish a basis for future decisions. However, no one can argue that such practices are not exceptionally time-consuming. ChatGPT steps into action and optimizes with its OpenAI GPT-3 text generator features that deliver reports based on available information. These can include, but are certainly not limited to:
- Financial statements—drawing together data from balance sheets, income statements, and cash flow statements.
- Risk assessments—avoid missing the minor things before a bigger problem occurs by paying attention to the details.
- Investment analysis—which investments are the most profitable and which potential investments are most likely to generate profit.
- Compliance reports—review and analyze current policies and complaints to highlight and implement areas for improvement.
- Market research—explore trends and market data to know where to guide your company’s strategy in the future.
- Performance reports—track key metrics, individual performance, and more to improve profitability and optimize processes.
- Fraud detection—knowing your weakest points help prevent fraud from happening. Detect gaps easier than before with AI-powered tools.
- Customer service reports— forget about scrolling through thousands of comments. Instead, optimize the process and summarize customer feedback and interactions almost instantly so you can spend more time on improvements.
7. Creating press releases
Professionals everywhere were left shaking in their boots that AI would be able to do their jobs faster, and that speed matters when it comes to press releases. ChatGPT has some keen writing features and can imitate the tone of voice that can help create text such as press releases and emails when required. However, although it can generate text fast, be warned that human editing will be needed to make it engaging to a company’s audience.
- Creating urgent press releases—when speed is of the essence, AI is at hand to generate press releases fast, which can be edited, meet deadlines, and get a jump on the market.
- Generating text—lost for words? ChatGPT can help release the creative block and help staff reply to emails more efficiently, improving customer satisfaction rates.
- Further integrations—combined with grammar and spell-check tools ChatGPT-3 can be engaged to improve both internal and external communications for financial companies.
8. Aiding companies in presentations
According to one report, employees can spend up to 20 hours per month creating presentations—yes, around 13% of all hours. Optimizing this process saves time and money, and at the same time doesn’t hamper the decision-making capabilities of a company. ChatGPT can:
- Be trained on current datasets—some reports are repetitive, drawing from existing databases to keep the information updated and decision-makers informed. As an OpenAI text generator, it can be trained to imitate style and design to ensure that reports follow current procedures.
- Create new presentations—when a new product or service is due to be released, it can be a rush to the finish with little time left for presentations, AI helps optimize this, and deliver content based on past work.
Note: Like all uses of AI, its capabilities greatly vary depending on the quality and accuracy of input information.
9. Increasing response time
Responding to your customers fast and accurately is one of the best ways to boost customer satisfaction. Unfortunately, this often involves huge levels of staffing power to do efficiently. Integrating ChatGPT features can optimize this and help improve response time when it comes to communication.
- Generate standard responses—OpenAI’s ChatGPT tool can be used to evaluate the most commonly asked questions and develop initial responses so that support staff can concentrate on more pressing issues.
- Integrations with a chatbot—previously, chatbots were manually coded with a set of responses, after which, a human support agent would be required to help. ChatGPT, while not perfect, increases the chatbot’s capacity to answer and allows more time for a human agent to deal with other challenges.
- Connecting with an EMS—email management systems are a crucial part of any business. ChatGPT can be integrated with these to optimize email responses and deliver automatic replies at a much faster pace than a human support agent.
10. Delivering research for finance software providers
Financial businesses often find themselves establishing partnerships to boost one area of their business or another. This guarantees them the best loan management software and finance systems on the market but none of the development costs. The only challenge is how to find the one most suited to your business. ChatGPT is a smart AI tool that can analyze what’s on the market to present options that meet your business requirements. For example, it can:
- Draw from information all over the web—reduce the number of hours searching for the ideal finance software tool. Instead, ChatGPT can trawl the web and seek out the top-rated providers in the sphere.
- Analyze against a set of criteria—in addition, it can be set to exclude results based on certain criteria or requirements, ensuring that when you receive a shortlist of products or companies, you’ll be able to choose from the best that meet your needs.
Ways how (not) to use GPT-3
Although ChatGPT has been hailed as a miracle tool that solves all problems, this is far from the case. Instead, it is just the beginning of a growing trend into AI technology aid for businesses and has some time to go before it becomes the tech that everyone hopes it can be. Downsides include:
- Data bias—like any AI model, the data ChatGPT draws from have major implications on the quality of the results. If inaccuracies exist in the original, it is likely these may recur and become amplified in the result.
- Limit contextual understanding—emotional intelligence is not the strong point of AI technology, so it often misses crucial contextual information that a human creator or analyst would be aware of.
- Data quality challenges—incomplete or inaccurate data, as well as the previously mentioned bias, play a crucial role in the end results of ChatGPT. The internet is filled with humorous examples of AI gone wrong that highlight the risk this incurs if allowed to operate on its own.
- Limitations on output control—as a pre-trained model, the OpenAI tool’s output cannot be 100% managed to give results. That means that, at one point or another, human intervention is required.
In short, although GPT-3 chat online functions are effective and worthwhile integrating into your current systems, this should be done with caution. Biases and inaccuracies remain, which impact the overall quality of results.
Ready to hop on the AI trend for finance?
Inspired by the potential of ChatGPT and other AI tools, many companies are now strategizing on how these can be implemented in their businesses. Like any technology development, this is an essential step to ensure that the technology suits the business requirement.
Although ChatGPT is trending, it is not the only AI tech on the market today. Always consider alternatives to help get the results you need for your company.