The ‘bot’ factor!
Going by market
In terms of what market experts suggest, conversational AI’s influence is considered the value adding factor for the financial landscape. Market-oriented research has shown that chatbots for financial assistance can benefit different operations, namely fraud recognition, money
Currently, OpenAI’s ChatGPT is seemingly making its mark in the financial sector, with different corporations adopting it for e-commerce needs. So, how does it financially function? Well, ChatGPT enables businesses to develop reports and dashboards, keep record of expenses to create budgets, and generate data based on financial statements, cash flow records, M&A, balance sheets, among others. Numbers provided by Vena Solutions, an online intelligence platform, mentioned that in August, 2023, it was estimated that ChatGPT comprised nearly more than 100 million users, with over 13 million unique users visiting ChatGPT on a daily basis. Research provided by Dresner Advisory Services, a business intelligence firm, found that 56% of corporations still make use of spreadsheets as a company-oriented application for analysis. In that context, ChatGPT can ensure creation of formulas to execute mass calculations, as well as convert data into charts and graphs. “OpenAI’s ChatGPT seems to have brought a transformation to the landscape of AI-driven conversational agents. The versatility and robustness of ChatGPT’s engine can enable businesses to tailor chatbots for various industries,” Saxena added.
The ‘bot-driven’ finance sector!
According to Next Move Strategy Consulting, a market intelligence provider, the international chatbot in BFSI market was valued at $890 million in 2022 and is expected to reach $6170 million in 2030, at a 27.4% compound annual growth rate (CAGR) between 2023-30. A survey conducted by Tidio, a CRM software company, showed that chatbot adoption is witnessing an upward trend across different business sectors, namely 22% for micro-businesses, 20% for small businesses, 12% for large businesses, and 11% for medium-sized businesses. The survey also highlighted that in the next couple of years, the provided numbers will increase to 43%, 60%, 71%, and 80%, respectively.
Reportedly, the trend of banks inculcating AI-based chatbots for their operations has already started. In 2023, developments happened over JPMorgan Chase’s, a financial services company, unveiling of an AI-based chatbot, called IndexGPT, to assist customers with investment-oriented matters. While the corporation applied for IndexGPT’s trademark in May, 2023, sources suggest that the chatbot will utilise cloud computing to go through securities and suggest customers the most appropriate ones. In a blog post, Lori Beer, CIO, JPMorgan Chase, spoke on how the company aims to make use of GPT and other large language models (LLMs) for increasing the company’s market value.
Other companies such as India