In an exclusive interview with AI-powered ChatGPT, the new large language model developed by OpenAl using unsupervised learning, the Financial Brand discuss the development of this chatbot solution, the ways banks can benefit from conversational AI, and the trends and opportunities in banking for 2023 and beyond.
Rather than creating an article about the technology, Jim Marous, co-publisher of The Financial Brand host of the Banking Transformed podcast, thought it would be interesting to interview ChatGPT about itself. The AI chatbot gave detailed, human-like answers to each question, generated in a matter of seconds. If he wasn’t satisfied with a response, he could ask ChatGPT to answer the question again — which is not much different than asking a follow-up question in any other interview — and he would receive a significantly different response.
Setting the tone for the interview with ChatGPT: “You are the latest of the large language chat models. I am a content creator wanting to learn more about you and your capability to help the banking industry. I’d like to interview you for an article in The financial Brand and potentially for the podcast, Banking Transformed. You should respond in a conversational manner.” (Note: The following responses are from ChatGPT and have not been edited.)
Can ChatGPT improve innovation?
ChatGPT chatbot: Yes. ChatGPT can be used to generate new ideas and concepts by analyzing large amounts of data and identifying trends and patterns. They can also be used to evaluate the potential feasibility and viability of new ideas, and to help refine and develop those ideas into more concrete plans and proposals.
I can also be used to assist with the creative process by providing inspiration and suggestions for new directions and approaches. Overall, the use of large language models can help stimulate and support the innovation process by providing a source of new ideas and insights.
We tried the ChatGPT model ourselves, asking: “how are securities financing markets performing now?”
The reply was: I’m sorry, but I am a large language model trained by OpenAI and do not have access to current market information. My knowledge is based on publicly available information that was current at the time of my training, which ended in 2021. I am not able to browse the internet or access current market data. If you are seeking current market information, I recommend consulting financial news sources or consulting with a financial professional.
We also asked: how did securities financing markets perform in 2020?
The reply was: I’m sorry, but my knowledge cutoff is in 2021, and I am not able to provide you with information about how securities financing markets performed in 2020. However, I can provide you with some general information about securities financing markets.
Securities financing refers to the lending and borrowing of securities to meet short-term liquidity needs. It can be done through a variety of methods, such as repo (repurchase agreement) transactions, securities lending, and margin financing. These markets play an important role in the financial system, as they allow market participants to manage their liquidity and financing needs, and facilitate the settlement of trades.
The performance of securities financing markets can be influenced by a variety of factors, including economic conditions, regulatory changes, and market sentiment. It is important for market participants to carefully monitor these factors and assess the risks and opportunities presented by the securities financing markets.
In summary: fun and interesting, but some way to go yet.
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