ChatGPT and Generative AI in Banking: Reality, Hype, What’s Next, and How to Prepare

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ChatGPT, a generative AI-powered conversational chatbot developed by OpenAI, is the talk of 2023. In the banking industry, generative AI will help create marketing images and text, answer customer queries via virtual assistants, and produce data that will make machine learning applications more accurate and efficient.

Generative AI could revolutionize various verticals within banking. The largest impact is expected to be seen in the areas of retail banking and wealth, SMB banking, commercial banking, and investment banking. 

Over the course of the next three years, there will be many promising use cases for generative AI. The most valuable and viable are expected to be seen for fraud support, personalized offers, virtual assistants, and wealth planning. Although there are many positive use cases, generative AI is not currently suitable for loan decisioning, trading, and compliance. 

While generative AI’s influence may seem to be everywhere all at once, it will take time for industries to fully embrace its disruptive impact. Want to learn more about ChatGPT and Generative AI in Banking? Click here to purchase this report and use code CHATGPT100 for $100 off.

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