ChatGPT in Finance and Banking

Ken Huang (), Xi Chen (), Youwei Yang (), Jyoti Ponnapalli and Grace Huang
Additional contact information
Ken Huang: DistributedApps.ai
Xi Chen: New York University
Youwei Yang: BIT Mining Limited
Jyoti Ponnapalli: Truist Bank
Grace Huang: PIMCO

Chapter Chapter 7 in Beyond AI, 2023, pp 187-218 from Springer

Abstract: Abstract This chapter highlights the impactful role of ChatGPT in the finance and banking sector. We examine how ChatGPT can streamline operational processes, enhance fraud detection, and personalize financial services. We further discuss its transformative potential in customer service, providing 24/7 support, tailored financial advice, and multilingual assistance. The chapter also explores how ChatGPT can aid in risk assessment, portfolio optimization, and predictive analytics. We further discuss the intersection of ChatGPT and decentralized finance (DeFi), covering automation, security, and financial inclusion. The chapter also addresses security and privacy considerations, outlining strategies to ensure data protection, mitigate adversarial attacks, and enable continuous monitoring. Lastly, we gaze into the future, exploring emerging technologies, ethical considerations, workforce adaptation, and a maturity framework for AI adoption within financial institutions. This comprehensive exploration sets the stage for a new era of AI-driven innovation in the financial sector.

Keywords: ChatGPT; Finance; Banking; Operational processes; Fraud detection; Personalized financial services; Conversational banking; Risk assessment; Portfolio optimization; Decentralized finance (DeFi); Security; Privacy; Emerging technologies; Ethical considerations; AI adoption maturity framework (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:fuobcp:978-3-031-45282-6_7

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DOI: 10.1007/978-3-031-45282-6_7

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