In the coming months, ChatGPT is getting an update that could have more businesses implementing AI-based software into their daily operations. OpenAI, developer of ChatGPT, recently announced that users can expect the release of a ChatGPT Business subscription, equipped with the tools to give enterprises more control over their data. While this subscription promises additional privacy features, the technology is still relatively new, meaning its full range of capabilities, whether beneficial or consequential, remains untested.
The Rewards
Generative AI is trained to identify patterns within data to make relevant decisions and predictions. More impressively, the model uses those patterns to generate original content in various forms, often replicating the work of a human. ChatGPT has proven itself to be the most favored generative AI software, as it can quickly automate operational tasks and generate personalized content. Using ChatGPT for data analysis and to generate insights can enable organizations to extract valuable information from various amounts of unstructured data for better financial decision-making and potentially improved investment outcomes.
One sector that can benefit from AI technology is financial services; specifically, financial advisors and investors, whose job making informed decisions based on data can be easily replicated by AI software. If provided with enough valuable information about a client, ChatGPT can offer financial advice, saving the client both time and money. Similarly, firms can train the ChatGPT algorithm to create financial reports and strategic plans, provide insights on investments and manage financial risks in real time.
Financial service provider Mastercard published a press release outlining how their new AI-powered system can help banks detect fraud before the customer’s assets are at risk. The “Consumer Fraud Risk” solution was created in partnership with nine U.K. banks, gathering transaction data and tracking key indicators of risks. Impersonation tactics have recently been the most challenging type of fraud to catch. Trustee Savings Bank in the U.K. was one of the first banks to implement the software, and based on its significant increase in fraud detection within four months, it predicts that if the entire U.K. banking sector used Mastercard’s new AI risk solution, about £100 million could be saved annually.
Another advantage of ChatGPT is its ability to identify potential red flags and financial risks. By analyzing the data and recognizing patterns, the hope is that it will be able to alert professionals to potential due diligence issues that may require further investigation.
The Risks
While AI has the power to enhance workflows, businesses should be aware of the risks. ChatGPT allows users to disable their data from being used for improvement to the model, yet it remains important for businesses to evaluate how AI may affect data privacy and client confidentiality before entering sensitive information into the software. Additionally, the software fails to provide sources, so when using its responses, companies should be weary of potential copyright infringement.
As more sectors begin experimenting with ChatGPT, concerns arise about the accuracy of its generated information. In May, New York lawyer, Steven A. Schwartz, faced legal consequences after he used ChatGPT to research and compile documents for a case. After learning that the case research he provided was false, he admitted that he failed to question the reliability of the AI tool. Regardless of how technology continues to simplify certain tasks, the need to audit information may be more crucial than ever to ensure businesses remain reputable.
If used responsibly and strategically, AI could be the key to gaining a competitive edge. Here are some things to keep in mind when using ChatGPT for business:
- Know where the data is going and how it’s being used.
- Be transparent with clients if they are interacting with a machine.
- Practice due diligence and source every data point.
- Check that the content is bias-free and accurately reflects the business.
- Remain educated on how AI technology is evolving.
ChatGPT can help organizations overcome some of the most common data analysis challenges and turn raw data into actionable insights. Following the recent developments in generative AI, businesses should be ready to adapt to a more powerful future.
With actionable insight, powerful intelligence and industry leading researching techniques, Gryphon is equipped to tackle challenges in ever-changing markets. Contact us at [email protected] to learn more.
