ChatGPT, a conversational chatbot powered by generative AI developed by OpenAI, is in the spotlight in 2023. In banking, generative AI will help create marketing images and text, answer customer questions via virtual assistants and produce data that will create machine learning applications. more precise and efficient.
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Generative AI could revolutionize various verticals in banking. The greatest impact is expected to be seen in retail banking and wealth management, SME banking, commercial banking and investment banking.
Over the next three years, there will be many promising use cases for generative AI. The most valuable and viable ones should be seen for fraud support, personalized offers, virtual assistants and wealth planning. Although there are many positive use cases, generative AI is currently not suitable for loan decision, negotiation and compliance.
While the influence of generative AI may seem to be everywhere at once, it will take time for industries to fully embrace its disruptive impact. Want to learn more about ChatGPT and generative AI in banking? Click here to purchase this report and use code CHATGPT100 for $100 off.
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