Chat GPT and means of payment: Learn how AI is impacting the financial industry

There’s no escape from the topic. Artificial Intelligence is the talk of the moment since Chat GPT was launched, by the end of 2022. Capable of mimicking human language and doing a number of tasks, the OpenAI chatbot also impacts the means of payment industry, thus transforming the product and service offering. Check this article to see how this technology has been used in the industry and what the possibilities are for its use in the future.

According to a study by PWC, there’s a beneficial potential for organizations adopting Artificial Intelligence, no matter the area where they operate. That technology is expected to contribute to approximately US$ 16 trillion to the global economy by 2030.

Also, the study shows that 45% of the total economic gains by 2030 will originate from product enhancement, stimulating consumer demand. That is because AI will create a wider variety of products , with more personalization, attractiveness and accessibility over time. And of course, as we’ll discuss later on, the financial industry is also impacted by that new scenario.

But what is Chat GPT?

GPT-chat is an Artificial Intelligence model that engages with the user through chat. The tool is capable of keeping a conversation similar to a human’s, answering questions and doing tasks such as writing text, code and more.

Nowadays, it is generally available free of charge. That is because Chat GPT is going through a research and feedback phase. In February 2023, Chat GPTwas officially launched in Brazil in a paid version that promised quick answers and early access to new chatbot resources.

Chat GPT was created by OpenAI, a research and Artificial Intelligence company that first launched the tool in November 2022. Also, the company is responsible for creating DALL-E 2, a popular AI art generator, and Whisper, an automatic speech recognition system.

What is the difference between Chat GPT e GPT-3?

You’ve probably heard of Chat GPT and GPT-3 and wondered if both terms mean the same thing. Well, the main difference is in their context for use and application.

GPT-3is a general language model, trained to generate coherent and cohesive text in a wider range of tasks for natural language processing, such as language translation, text summary, creative writing, and more.

Whereas Chat GPT is a specific application of that model, designed to simulate human conversation in chatbot form. It is trained to understand and generate answers in dialogs, which makes is appropriate for engagements involving conversation with users, such as answering questions, writing text and providing information.

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Chat GPT applications in the means of payment industry

The capability of handling complex financial queries and providing reliable, accurate answers is one of the main ways ChatGPT has impacted the means of payment industry.

Also, the technology has been used for developing a new generation of financial bots, as well as more possibilities, which we’ll discuss later on.

Customer service

Chat GPT technology can integrate with virtual assistants to offer customer support 24/7, resulting is an improved customer experience.

Chatbots can quickly respond to common financial queries, such as checking balances and updating loans, as well as help the support team by summarizing customer queries in order to improve understanding and provide quick answers.

Also, the tool is especially useful for answering common or repetitive questions in a quick, accurate manner, without the need to involve humans in that area. That provides more efficiency and reduces the workload for the support team.

Want to learn how the focus on customer experience has deeply impacted the corporate world? Listen to The After Podcast #01!

Custom solution suggestions

Chat GPT can also be employed to provide customers with specific financial guidance and investment strategies. It only requires an integration between that technology and a financial management platform containing all financial information for a client.

In addition, it can identify spending patterns and offer suggestions for optimizing budget..

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Document processing

GPT-3 can be used to summarize financial information, which is very useful for preparing reports.

That is a powerful application in terms of financial forecast and investment analysis, since it can analyze huge amounts of financial information, identify patterns and surface critical insights.

Loan analysis

As for analyzing and processing loans, GPT-3 can make the process more agile and efficient. An automatic analysis and evaluation can be conducted for the client’s financial situation, credit history and income.

The technology can also help improve credit decisions, reducing the risk of human errors, identifying risk factors that would otherwise be overlooked and automatically flagging potential risk.

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Fraud protection

Os digital banks., financial institution, fintech, neobanks and any business that operates in the sector, such as retail, can also use GPT-3 for detection of suspected fraudulent payment. Organizations can use historical transaction data and fraudes to train GPT-3 to recognize anomalies in transaction patterns, detect activity fraudulent and flag anomalies.

The technology can help detect and prevent fraud, issuing alerts and reports and warning the relevant staff on potential fraud.

What are the benefits in using Chat GPT for financial teams?

Chat GPT offers a lot of advantages for financial teams. See some of those benefits below:

• Better decision-making based on data: by analyzing large datasets, AI can identify trends that could otherwise be overlooked and help financial leaders identify and handle suspicious activity.
• Cost reduction: ChatGPT can help reduce costs associated with manual tasks and recruitment of new employees.
• Time savings: the AI chatbot can facilitate the automation of routine financial tasks that would otherwise consume a lot of time for associates.

Those are only a few examples of how Chat GPT can make the means of payment industry more fluid. There’s a lot of unlock when it comes to its potential to revolutionize the industry.

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Chat GPT and means of payment: Takeaways from this article

• Artificial Intelligence is the talk of the moment since Chat GPT was launched by the end of 2022.
• Chat GPT is an Artificial Intelligence model that engages with the user through chat.
• The tool is capable of keeping a conversation similar to a human’s, answering questions and doing tasks such as writing text, code and more.
• With the ability to imitate human language and perform numerous tasks, OpenAI's chatbot also impacts the means of payment market, transforming the offer of services and financial products.
• That technology is expected to contribute to approximately US$ 16 trillion to the global economy by 2030.
• The capability of handling complex financial queries and providing reliable, accurate answers is one of the main ways ChatGPT has impacted the means of payment industry.
• Also, the technology has been used for developing a new generation of financial bots

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