By Daniel Lanyon on Friday 27 January 2023
Predictions prosper at the start of a new year but what to make of those cooked up by the AI text generator everyone’s talking about? A little bland, truth be told.
From passing MBA exams at the world’s top business schools to writing software code, ChatGPT3 is everywhere in 2023.
Creating written content through artificial intelligence generation is what has people most excited at the moment. Buzzfeed for example has said it will use ChatGPT’s technology in creating content sending its stocks soaring 160 per cent.
But is it what its most exuberant acolytes claim and the future of just about everything or…the next Clubhouse (remember that)?
The applications are many-fold in the fintech world where startups spend vast quantities of venture capital-derived cash on software development and marketing.
Piotr Kicinski, vice president at Polish fintech Conotoxia, which offers a digital multi-currency wallet to consumers and businesses, says the firm’s employees have been testing GPT-3’s text generator mainly for marketing purposes.
“The tool supported the creation of marketing content, social media posts or blog texts. We observed that it not only corrects grammatical errors but also predicts what phrases or sentences might fit into the text and occur after given words,” he said.
“With the help of advanced algorithms, the programme offers specific content and ideas based on analysing the text and statements made by internet users on the web. Additionally, GPT-3 can summarise material or suggest titles. It reproduces the style of text authors, understanding the context between words,” he added.
Conotoxia is also using the tech to try and streamline this into an automated process via testing a programme allowing the content produced by GPT-3 on given topics to be automatically downloaded from the generator rather than doing this manually.
“The content is ready for publication on a selected website or blog. The initial tests are promising. Conotoxia has yet to make a decision on the use of GPT-4, but we will certainly consider it,” he said.
“We will see how the testing of the mentioned bot goes further as a complement to the work of our specialists. We believe no technology can replace people - the experts in their fields,” he added.
To examine its credentials AltFi took a look at what Chat GPT3 can produce by testing it against the never-ending predictions that bubble up in the fintech world.
This is what it came up with:
As we enter the new year, the financial technology (fintech) industry is poised for continued growth and innovation. Experts predict that 2023 will bring a host of new developments and advancements in areas such as digital banking, insurtech, and blockchain technology.
From the increasing use of artificial intelligence to the growing popularity of cryptocurrency, the fintech landscape is set to evolve in exciting and dynamic ways.
Increased adoption of open banking: With open banking, consumers can securely share their financial data with third-party providers, allowing them to access a wider range of financial products and services. We can expect to see more banks and fintech companies implementing open banking in the coming year.
Greater use of artificial intelligence and machine learning: Fintech companies are already using these technologies to improve their products and services, but we can expect to see even more widespread adoption in 2023. For example, AI-powered financial advisors and robo-advisors are likely to become more common.
Growth in digital payments: We have seen a significant increase in the use of digital payments during the COVID-19 pandemic, and this trend is likely to continue in the coming year. This will include more widespread use of mobile payments and digital wallets, as well as the continued growth of cryptocurrency.
More focus on financial inclusion: Fintech companies and governments around the world are working to increase financial inclusion by providing financial services to underbanked and unbanked populations. In 2023, we can expect to see continued efforts in this area, including the use of technology to improve access to financial services in remote and underserved areas.
Further regulatory developments: As the fintech industry continues to evolve, we can expect to see further regulatory developments aimed at protecting consumers and ensuring the stability of the financial system. This may include new regulations specifically targeting fintech companies, as well as updates to existing regulations to account for the impact of fintech on the financial sector.
Growing Interest in Sustainable and Impact Investing: Investors will be increasingly interested in investing in companies that align with their values and have a positive impact on the environment and society.
The use of Biometric Authentication will become more common: Fintech companies will increasingly adopt biometric technologies such as facial recognition and fingerprint scanning to improve security and make accessing financial services more convenient.
The use of blockchain technology will become more common: Blockchain technology has the potential to improve transparency, security, and efficiency in financial transactions. In 2023, we can expect to see more widespread adoption of blockchain technology in areas such as payments, supply chain management, and digital identity.
The insurance sector will be disrupted: Fintech companies will continue to innovate in the insurance space, offering new products and services that are more affordable and accessible to consumers. This could lead to increased competition and reduced prices for insurance products.
Virtual and Augmented reality technologies will be used more in financial services: Fintech companies will increasingly use virtual and augmented reality technologies to improve customer engagement and provide more immersive and interactive experiences. This technology can help to improve financial literacy and make financial services more accessible to consumers.
Of course (it’s the human writer back now by the way, hi), it will be a year before we can really asses how well ChatGPT3 did on its 2023 fintech predictions, but it is safe to say they are definitely, well, a…little safe.
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