The Implications of ChatGPT and AI Models on Fintech and Banking

A new text-based artificial intelligence (AI) tool called ChatGPT is making waves in the technology industry for its ability to accurately answer questions and complete a wide range of tasks, from creating software to formulating business ideas. Launched on November 30, 2022 by OpenAI, the AI program has already impressed users and technologists with its ability to mimic human language and speaking styles, all the while providing coherent and topical information. In the span of just a couple of days, the service managed to cross the one million user threshold. Now, industry observers and commenters are theorizing on the technology's potential implications in the finance and banking sector. According to Ethan Mollick, an associate professor of management at The Wharton School of the University of Pennsylvania, ChatGPT is a tipping point for AI and proof that the technology can be useful to a broader population of people.