Tech Time: ChatGPT’s impact on banking today and in the future
Plus, four challenges and a word of caution to consider when implementing member-facing AI
Artificial intelligence is far from a novelty these days, even in a risk-averse industry like financial services. Still, the best applications of AI—spam detection, fraud prevention, risk assessments—generally operate behind the scenes. They aren’t freely accessible or interactive.
That’s not the case for the world’s most virally popular AI system: ChatGPT.
Chatbots aren’t a new phenomenon either, but ChatGPT has made a big leap forward in terms of natural language processing, natural language understanding and generative text. The depth and breadth of answers, the fluidity of conversations, as well as the types of interactions are all remarkable.
This opens the door to a wealth of opportunities for credit unions, but there are critical challenges that can limit its deployability in the near term.
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