Almost all" services in the financial sector can benefit from generative artificial intelligence , according to Credit Suisse. Low-risk tasks—such as helping a customer compare product offerings — could be fully automated . It is true that banks and fintech companies already use chatbots to provide basic assistance, but generative AI can now solve more complicated problems and help users gather the information they need. They could also respond to queries and resolve common problems, such as setting up a deposit or automatically billing payments with your credit card . AI capable of generating content could even offer more people personalized advice on how to achieve their goals based on their financial situation , according to the report published by Credit Suisse. For example, someone who makes $5,000 a month could ask ChatGPT how to invest to make $5 million in 5 years. Chatbots like ChatGPT study content from all over the internet to provide detailed answers in a very short time.
Apple's 'all in' on artificial intelligence at the cost of abandoning 10 years of work on the electric car "Wealth management is no longer an expensive service for high-net-worth individuals with AI-based planning options, which are much cheaper . And ChatGPT should accelerate its adoption ," defends the financial services firm's report. . Current generative AI products, such as ChatGPT, are not always accurate or precise . In reality they are linguistic models that make Asia Phone Number List errors . The financial sector demands great accuracy and precision, so it is unlikely that financial companies will resort to these types of mechanisms to make important decisions. Pricing a high-risk cybersecurity insurance policy too low could be devastating, for example. Furthermore, security and regulatory compliance still pose serious problems . All in all, banks could leverage AI products trained exclusively on internal data to help complete low-risk administrative tasks more quickly, but keep a human in the process.
For example, extracting and summarizing data from financial statements. Neobank Chime is working with a startup to train an internal limited language model similar to ChatGPT, which could help its engineers write their code faster . However, this is nothing new. The financial industry is already using AI applications to help humans with their work. In 2018, Morgan Stanley launched a tool for financial advisors called Next Best Action , which uses AI to help personalize financial advice to clients based on changes in their life. Humans are still in the process because important decisions require emotional support and a lot of tact, and the information must be verified by an expert. But generative AI tools can offer a starting point that makes the entire process more efficient. These are the avenues Credit Suisse believes financial services companies have to leverage ChatGPT or other generative AI technologies, according to its latest report: Product Marketing : They could generate scripts and ideas for marketing campaigns in order to reduce the overall cost of content production.