As ever with Elon Musk, he creates plenty of noise with his ventures. Whether it’s sending cars into space, letting Trump back onto Twitter, Musk sets a certain tone across industries. So it is for Artificial Intelligence with his Open AI venture which launched ChatGPT3 in November 2022.
Whether you’re an Investor, journalist, educator, student, scientist, judge or teacher, you will have a view on this new version of AI text analysis software. What is clear is that ChatGPT has opened the door for the masses to access AI. This alone is important, as it can ensure that AI is not just a tool for multinational organisations but can be used by all.
What’s the fuss about?
It is important to place this new AI development into context, although it marks a leap in AI outputs being trained on 1,000 of documents and information, the software currently can deliver impressive information for essay writing, research, journalism plus commercial ventures such as Irish start up Intercom licensing GPT within their customer service software to summarise and bullet point conversations or Microsoft who invested $10BN in GBT who offer similar across teams webinar software.
Essentially, there is a tech war going on, GBT has placed Google and Meta in particular on red alert with Google’s LaMDA and apprentice bard tech now stepping up to offer search engine with answers to question not a list of web links or Meta’s MAV3D with text to 3D images. This resulted in yesterday's botched launch by Google of their AI 'Bard' chat bot, knocking $100M of the share price, where investors were underwhelmed with a factual mistake stipulating the wrong telescope that took the first picture of a planet outside our solar system. (It was done by Chauvin et al. (2004) with the VLT/NACO using adaptive optics to be exact).
With ChatGPT4 on the way offering 100 trillion parameters (GPT3 offers 750BN) there is huge scope for businesses to license the tech to power their own services. Our own compliance chat bot MO’s next iteration will do so. This can provide extensive vocabulary resources and a knowledge bank to offer compliance teams guidance and signposting around how to audit the regulations and their documents along with providing more tailored governance, risk and compliance resources .
How can you adapt your business using ChatGPT?
There are many ways you can use this new AI platform to enhance business operations and services.
- Document development: As mentioned, this software will enable businesses to write corporate documents such as operation manuals, policies and procedures or systems and controls. The downside currently (with a heavily regulated industry) compliance reports such as suitability reports or cashflow analysis are out of bounds.
This is why Model Office have launched MO®nitor rules-based AI text analysis which audits suitability report templates against all relate rules and provides guidance and RAG rating to improve
Given the current poor financial reporting outputs GPT offers, there is no way this software will replace advisers anytime soon!
- Text speech synthesis: AI speech analytics can provide valuable signposting for advisers and wealth management forms to assess the advice given and benchmark against the regulations. Although not GPT Aveni and Record Sure are already offering this type of software. But it won’t be long before GPT could be present in recording client calls and meetings and proving an instant abbreviated review.
- Fintech development: Microsoft have launched Copilot which enables GitHub developers to cut their coding time in half. Again GPT can also offer time and cost savings around Fintech design and coding development documentation.
- Chat bots: As mentioned MO® is incorporating GPT to expand capabilities around compliance and RegTech guidance. Cloud provider Mosaic are now delivering bots at a tenth of the cost and Meta’s blenderbot which can search the internet and talk on any topic. This means information is available 24/7 rather than having to wait to speak to an individual in business hours and tailored resources can be delivered in real time.
- Open-source software: This will ensure all market participants can gain access to GPT, currently through the paid version is classed as’ big tech’ but with a free version providing fettered access for all, this provides a great opportunity to gain experience and ideas on how to license the software and build out AI driven services.
With a data led regulator, we find ourselves at a crossroads; there is no doubt that clients still value meeting their planners and advisers. Indeed, they will probably want more human engagement the older they get. So, the opportunity then is a cyber approach to blend GPT software outputs with people driven services. As we have seen, costs and time can be saved if GPT and RegTech is used across audit activities. Our latest Cost of Compliance research paper evidenced that Model Office RegTech can save up to 30% of audit time and associated costs, so there is a clear opportunity in the compliance world.
When it comes to the ‘front-end’ GPT could enabler and empower swifter reporting writing, abbreviating suitability reports to make them more understandable and digestible for clients. Where the latest iteration for simplified advice comes in, chat bots, Know Your Customer and suitability reports can be streamlined to offer fettered and compliant information to support the advice given. There’s still a long way to go, but with Elon Musk yet again making lots of tech noise, this offers the financial services the opportunity to blend GPT outputs with traditional services.
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