Most of us have explored Generative AI out of curiosity or to determine whether AI could play a role in modern businesses. Generative AI, particularly models like ChatGPT, has the potential to fundamentally transform the way we deliver services to our clients. These models can enhance the customer experience by providing automated, personalized advice or by analyzing complex financial data in real-time. Another example is the automation of routine tasks, such as pre-filling forms, which can significantly increase efficiency and accuracy in customer service.
Opportunities and Limitations of ChatGPT
ChatGPT can extract knowledge and insights from a vast amount of data to enrich services and products in the financial sector. It enhances communication between banks and customers by proactively preparing and presenting data. This can be particularly advantageous in financial planning, market trend analysis, or fraud detection.
However, financial institutions should consider that ChatGPT's data may not always be up-to-date. Use cases that rely on static, long-term valid data are easily implementable, while those that require current or rapidly changing information need careful evaluation. Another risk is that generative AI models can produce "hallucinations" — that is, they may generate fictitious information that does not correspond to reality. Therefore, careful monitoring and validation of AI-generated content are necessary.
Another crucial aspect is the traceability of results. For banks, it is essential to understand how a KI model arrived at a particular suggestion, especially to meet regulatory requirements and avoid biases. It must also be ensured that data inputted by a bank does not enter the training datasets of the model, to protect customer privacy.
Do Bank Customers Trust Chatbots and Artificial Intelligence?
Generative AI models like ChatGPT are not designed to "uncover the truth," but rather to provide the most likely answers based on their training data. This means that ChatGPT should be used as a support tool that offers quick and useful insights, but it must always be supervised and supplemented by human experts. The future of banking could be significantly influenced by AI; however, this requires careful consideration of truthfulness, transparency, and data security to maintain customer trust and comply with regulatory requirements.
