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By Nikhil Jain Mar 20, 2023 9:23:48 AM IST (Published)
People should take precautions to secure their personal information and financial data and be aware of the potential hazards and difficulties related with the use of AI in finance. In addition, they can offer input on the application of AI in finance to financial institutions and regulatory organisations, writes Nikhil Jain, a serial technology entrepreneur.
The financial sector is important to the economy because it helps money move between savers and borrowers, which is a crucial function of the sector. A variety of financial services, including banking, insurance, investments and other financial products and services, are offered by the sector. It also makes it easier to conduct commerce, allocate capital effectively, and control financial risk.
Since the financial sector has a very big influence on economic stability and prosperity, the governments frequently closely regulate it to make sure it runs safely and soundly. However, novel technology tools such as ChatGPT, with its neural network architecture and training data that has been created to learn the intricate and nuanced subtleties of human language and produce meaningful, cogent responses, can bring in disruption in the industry in various ways.
ChatGPT has the potential to disrupt the financial industry by providing a more efficient and personalised way for customers to interact with financial institutions. It is able to comprehend and reply to client questions and requests in a way that is more natural and human-like by employing natural language processing and machine learning. The need for human customer support personnel may be lessened as a result, which might lower costs for financial institutions and enhance the customer experience.