Is there a place for ChatGPT-like tech in banks?

By Penny Crosman, American Banker
6 March 2023

ChatGPT, the chatbot that Microsoft made available to the public on Nov. 30, has drawn unprecedented popularity and media attention. It attracts an estimated 96 million users per month, who ask it questions of all kinds. At first, users were wowed. It was able to write limericks about Google and rap songs about cats. Students got it to write essays for them. Microsoft founder Bill Gates said AI chatbots like ChatGPT will become “every bit as important” as the PC or the internet. Google leaders reportedly issued a “code red” over ChatGPT and redirected engineers to a competing AI project called Lamda.

Then users started pointing out flaws: Some of ChatGPT’s answers are wrong. Its knowledge base has not been updated since 2021. It crawls the internet, absorbing content from any source, and doesn’t reveal its sources. And some reporters have found some interactions with it disturbing.

When you peel away the hype, ChatGPT is not ready to be used in finance today. But it could be in the future, if the right direction and guardrails were applied…(paywall)