AI Chatbot intelligent digital customer service application concept Credit/AdobeStock

ChatGPT burst onto the scene in November of last year, cementing itself as one of the fastest-growing consumer applications to hit the market. In March, OpenAI’s chatbot surpassed one billion users and has spread like wildfire across multiple spheres of the workforce. The notion of using artificial intelligence in the financial services industry is no longer a novel idea – AI is here and developing quickly.

Typically, AI works behind the scenes of financial institutions, providing services such as spam identification, fraud prevention and risk assessments. ChatGPT is a different story, being an AI that is accessible, interactive and has achieved significant advances in natural language processing, understanding and generative text.

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