Over the past few months ChatGPT (Chat Generative Pe-Trained Transformer) has proven to be extremely popular as it has provided new and more efficient ways to go about daily tasks. In this week’s blog post, we take a look into how ChatGPT can potentially help FinTech firms like Mytalu by exploring its benefits and whether or not it is in the industry’s future.
1. Aid marketing campaigns
ChatGPT can be quite a useful tool for FinTech companies when it comes to their marketing campaigns and maximising their outreach. This can be done by companies using the AI (artificial intelligence) system to pre-program marketing campaigns, easily generating them so they could reach their target audience even more through hyper-personalisation, generated emails or with the use of data analytics. Additionally, ChatGPT also allows companies to track their data and analytics in detail therefore pinpointing which specific areas need more attention which is hugely beneficial.
2. Improved customer service
Good customer service is essential when it comes to FinTech services as in order for them to thrive they need to build a trustworthy relationship with their clients. A way in which ChatGPT can help improve customer service further is predominantly by being able to personalise AI generated conversations making it significantly more engaging and specific to their needs. As well as this, it would also provide customer support for the clients at any time of day making it more convenient for all parties involved.
3. Saving Costs
Due to the ChatGPT system taking over common daily tasks, this results in FinTech companies managing to reduce costs by not having to hire people for this kind of customer service roles. This aspect is hugely beneficial for fintech companies and start-ups as it helps them expand and invest in other areas of their company that are just as impotent.
4. Potential risks
The only notable issue with an excessive use of chatGPT within FinTech services is how ethical it is regarding the potential risk of the data security around it. This is only an issue due to the size of the data collected in ChatGPT’s database and whether it is completely secure without it being at risk of being tampered with. However, with all the AI and FinTech advances it is evident that there will be numerous solutions to ensure the safety of ChatGPT amidst people’s concern.
To conclude, it is evident that AI systems like ChatGPT make business operations so much more efficient and that the only thing holding it back from being used excessively within fintech services is because of some ethical considerations. Despite this, from looking into some of the benefits of ChatGPT it is certain that it will definitely be a driving force in the future of the FinTech industry.