Is ChatGPT ready for banking? Yes and no

ChatGPT has captured the imaginations of many bank and credit union executives. The constant hype has drawn their attention. But what is the potential down side of this enticing new technology? What risks would it pose if adopted wholesale for customer service in banking?

As the old saying goes, “When all you have is a hammer, every problem looks like a nail.” ChatGPT may be an impressive AI hammer, but not every tool is perfectly suited for every job.

ChatGPT is one of the latest technology crazes to hit almost every business. Banking is no exception. Some bank and credit union executives see this generative AI model as a panacea of sorts. True, it can give some very clever responses to customer requests, sparking many people’s imaginations regarding the number of different processes it could potentially automate.

Inevitably one is customer service. However, there are a number of different concerns that should be addressed concerning why a generative AI model like ChatGPT might not be ideal for customer service roles.

Lack of control over responses given to banking customers

Generative AI works by identifying patterns within the massive bank of data it’s been trained on to respond to queries on-the-fly. Other common chatbot models draw from a predetermined library of responses. By contrast, every response from a generative AI solution will be unique because the system takes slightly different approaches for each input.


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