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When ChatGPT came out late last year, everyone from college students to CEOs took notice. For financial institutions, ChatGPT is just one tool in their digital transformation toolkit. It can refine and complement existing digital banking solutions, but it still has a long way to go when it comes to improving digital customer service and interaction.
For creating digital customer experience tools, it is better to go with digital assistants or chatbots which are more sophisticated and specially trained for banking services. But first, let’s take a look at what everyone’s talking about.
What is ChatGPT?
ChatGPT is a chatbot that has been trained on massive amounts of data. It models the person it is talking to and can engage in a contextual conversation, just like speaking with another person. In some situations, it will be difficult to differentiate between ChatGPT and the other person.
The technology is based on the Large Language Model (LLM), specifically GPT-3.5. A voluminous language model is a tool that can compose text based on patterns learned from large amounts of text data typically drawn from publicly available sources such as the Internet. GPT, or Generative Pretrained Transformer, is a framework for large language models based on the transformer architecture for deep neural networks.
These neural networks can track sequence and relational data – such as the words in a sentence – to learn context and, ultimately, meaning. GPT has been making headlines ever since the release of GPT-3 in June 2020.
ChatGPT limitations
ChatGPT is not something most of us have seen before. It seems to be knowledgeable and creative, it can write code and poetry, and even create games. More importantly, it is more likely to align its output with the specific goals of the user and much less likely to generate inappropriate or toxic output than previous LLMs.
But for today’s financial institutions, ChatGPT and other similar technologies are still in their early stages of development and as such, come with some burdens. here’s why:
- They are worldly. ChatGPT was trained at one point in time, which means it lacks any published information since then.
- They are expensive to produce and train.
- As reported elsewhere, ChatGPT can lack ethics and can be aggressive – not exactly good for the customer experience.
- They may be wrong. so wrong. LLMs like ChatGPT are known to “hallucinate” or produce content that is not based in any reality.
What Chatbots Should Do For Digital Banking
Current banking customers are comfortable using chatbots. According to a study by Cornerstone Advisors: “70% of consumers whose banks or credit unions have deployed a chatbot have used it at least once, with nearly three in 10 using it three or more times.” Is.”
The study also showed that consumers’ satisfaction with their digital assistants’ interactions is strong, with half being “very” satisfied and 43% “somewhat” satisfied.
Yet for banks looking to build their digital banking solutions with a chatbot, or its more robust cousin, an intelligent digital assistant (IDA), ChatGPT isn’t quite ready for prime time. This is a more basic and generic chatbot that is not specifically built for customer service.
It is better to look for chatbots or IDAs that can address member queries, provide personalized and detailed financial information, help consumers make better financial decisions, and act as the first encounter with your brand. Can
There are many chatbots out there. But no matter which solution banks choose, a chatbot or digital assistant can be a forward-looking, bank-savvy digital solution that speaks the unique language of their financial institution.
Smart, engaging chatbots can do just that. chatgpt? Not yet.
Sasha Kasky is Chief Technology Officer casistoWhich creates conversational AI-powered digital assistants for financial institutions.
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