AI in finance: How generative tools like ChatGPT can help with loan underwriting and even give personalized financial advice
A new report from Credit Suisse details how various industries stand to gain from generative AI.Conversational AI could give more consumers access to personalized financial advice, for instance.
Low-stakes tasks, like helping a customer compare product offerings, could be completely automated. Banks and fintech companies are already using chatbots to provide basic support, but generative-AI chatbots can support more-complicated customer issues and allow users to ask follow-up questions to gain more clarity. They could also answer queries and resolve common issues, like setting up a direct deposit or auto-billing for credit-card payments.
"Wealth management is already expanding from an expensive service provided to mostly high net worth individuals by adding cheaper, AI-based financial planning options, and ChatGPT should accelerate adoption," the report said.; they are language models that make mistakes. The finance sector demands high accuracy and precision. Pricing a high-risk cybersecurity insurance policy too low could be devastating, for instance, so financial firms are unlikely to defer to AI for major decisions.
Given that banks already rely on AI and machine learning for a variety of tasks, Credit Suisse said the industry would be looking for ways to adopt generative AI.
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