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.
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Huang, K., Chen, X., Yang, Y., Ponnapalli, J., Huang, G. (2023). ChatGPT in Finance and Banking. In: Huang, K., Wang, Y., Zhu, F., Chen, X., Xing, C. (eds) Beyond AI. Future of Business and Finance. Springer, Cham. https://doi.org/10.1007/978-3-031-45282-6_7
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DOI: https://doi.org/10.1007/978-3-031-45282-6_7
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