For many years, artificial intelligence was something out of a science fiction film before becoming a reality. It has been more prevalent in human life in recent months, with popular filters on social networks and tools that are already part of daily life, such as ChatGPT.
ChatGPT, developed by OpenAI and set to go live in November 2022, is a natural language processing technology, or artificial intelligence, that allows users to converse as though another human being is responding to them, in addition to having the immense knowledge that ChatGPT possesses.
GPT is an abbreviation for Generative Pretrained Transformer. It refers to the architecture employed by ChatGPT to comprehend the context and relationships between words in a phrase, resulting in more contextually relevant and coherent language creation.
OpenAI created this GPT technology, and they have already launched the fourth version. "GPT-4 is more innovative and collaborative than ever before." "You can build, edit, and iterate with users on technical and creative writing tasks such as song composition, script writing, or learning a user's writing style," OpenAI says on its website.
In the last year, OpenAI has become a household name in the tech world because to ChatGPT, its flagship product that has been embraced by millions of users for their daily activities rather than just "chatting" with an artificial intelligence.
ChatGPT has become the go-to aide for millions of people all around the world, from students to software developers, for anything from professional resumes to sheet music.
Among its most common applications are:
These are just a few examples of the many ways ChatGPT can be used. As an AI language model, its uses are limited only by the creativity of those who use it.
The success of OpenAI's GPT technology, which powers its ChatGPT application, is undeniable. This popular chatbot was the major reason why this page exceeded famous social networks in its early days, achieving a million members in just 5 days, a figure that took Facebook ten months, Instagram two months, and Netflix, the streaming giant, a long 3 years to achieve.
Other impressive figures, collected by the Nerdy Nav portal, point to a rapid growth of the tool "ChatGPT crossed 1 million users in 5 days of launch and set the record for the fastest growing platform by gaining 100 million users in January. It reached 1 billion views in February and 1.6 billion views in March 2023.”
Customer service is the primary focus of any industry, but especially banking, because it is a part of most people's daily lives: card payments, transfers, deposits, and money withdrawals are made every day, as are other procedures through the online portals of each financial institution.
Proper customer service is vital for increasing bank customers and building user trust; this can be improved with the proper use of ChatGPT. The tool's natural language processing capability is great for immediately responding to consumer enquiries, complaints, requests, and other concerns, without subjecting them to a protracted wait that could cause problems.
The ability to have a trained virtual assistant on hand can be useful in emergency situations, such as when a client has to reverse a transfer or complete a payment in the early hours of the morning and there is no human staff available to assist them. ChatGPT may be programmed to tackle this type of problem, ensuring that the customer is not left unattended.
A bank must be able to handle and solve its clients' problems as fast as feasible. ChatGPT can be of tremendous assistance in these situations, taking care of the tickets issued for each problem and resolving them in several ways:
Another method ChatGPT can help with customer service is at the start when the user decides to apply to open an account at the institution. The tool can assist with incorporation forms, answer questions about requirements and rules, and collect data for a new account.
Banks have always used cutting-edge technology; they are one of the industries that gains the most from technical tools and how to use them to keep clients interested and satisfied with their services. ChatGPT is one of the most recent and, as such, provides various advantages to financial institutions.
It is appropriate for the following uses:
Not everything is perfect; for example, the information provided by the chatbot is limited to what is in the database, therefore there may be highly particular issues that the tool cannot answer and must be escalated to a human agent.
Security and privacy concerns may occur as a result of ChatGPT's access to personal client information, with the possibility of data leakage or unauthorized access.
Artificial intelligence is not going away. Its solutions for businesses and industries are nearly endless. ChatGPT is simply one of several tools of this sort designed not just for personal use, but also to improve workflows and procedures in businesses, banks, and other industries.
This chatbot can totally disrupt the way customer service is done in the banking business. ChatGPT is a tool to consider since it is available 24 hours a day, every day of the year, and it can manage a big volume of queries at the same time.