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What will ChatGPT revolutionize in the financial industry?

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  • Hassnian Ali
  • Ahmet Faruk Aysan

Abstract

The launch of the open AI chatbot, ChatGPT, in November 2022 has generated widespread excitement around Generative Artificial Intelligence (AI). While researchers have explored ChatGPT's ability to produce content and respond to input, our study takes a different approach and examines its use cases in the financial industry. We aim to understand what ChatGPT offers the financial industry and how it differs from existing banking and financial chatbots. Financial institutions can use ChatGPT for a variety of purposes, including customer engagement, personalization, up-selling and cross-selling, stock forecasting, product development, and financial education. By focusing on the potential of ChatGPT in finance, we hope to spark discussions about its applications in other domains and explore the possibilities of a larger revolution in the future. Finally, this study identifies the challenges associated with the use of Generative Open AI and LLMs-based chatbots in the financial industry and provides recommendations for addressing these challenges.

Suggested Citation

  • Hassnian Ali & Ahmet Faruk Aysan, 2023. "What will ChatGPT revolutionize in the financial industry?," Modern Finance, Modern Finance Institute, vol. 1(1), pages 116-129.
    • Handle: RePEc:bdy:modfin:v:1:y:2023:i:1:p:116-129:id:67
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    File URL: https://mf-journal.com/article/view/67
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    References listed on IDEAS

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    1. Adam Zaremba & Ender Demir, 2023. "ChatGPT: Unlocking the future of NLP in finance," Modern Finance, Modern Finance Institute, vol. 1(1), pages 93-98.
    2. Dowling, Michael & Lucey, Brian, 2023. "ChatGPT for (Finance) research: The Bananarama Conjecture," Finance Research Letters, Elsevier, vol. 53(C).
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    Cited by:

    1. Dong, Mengming Michael & Stratopoulos, Theophanis C. & Wang, Victor Xiaoqi, 2024. "A scoping review of ChatGPT research in accounting and finance," International Journal of Accounting Information Systems, Elsevier, vol. 55(C).
    2. Ahmet Faruk Aysan & Ibrahim Musa Unal, 2024. "The Institutionalization of Islamic Finance: Historical Context, Current Developments, and Future Directions," Post-Print hal-04669980, HAL.
    3. Oleksandr Romanko & Akhilesh Narayan & Roy H. Kwon, 2023. "ChatGPT-Based Investment Portfolio Selection," SN Operations Research Forum, Springer, vol. 4(4), pages 1-27, December.
    4. Rangapriya Saivasan & Madhavi Lokhande, 2023. "Exploring Use Cases of Generative AI and Metaverse in Financial Analytics: Unveiling the Synergies of Advanced Technologies," International Journal of Global Business and Competitiveness, Springer, vol. 18(1), pages 77-86, December.
    5. Oleksandr Romanko & Akhilesh Narayan & Roy H. Kwon, 2023. "ChatGPT-based Investment Portfolio Selection," Papers 2308.06260, arXiv.org.

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    Keywords

    ChatGPT; Finance; Open AI; Chatbot;
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