ChatGPT for Finance: Revolutionizing Banking with ChatGPT

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ChatGPT is like a celebrity in the tech world right now, and it deserves to be. It's one of the most potent conversational AI tools, capable of understanding and writing like humans.

Developed by OpenAI, a research lab founded by big names like Elon Musk and Sam Altman, ChatGPT aims to automate repetitive tasks like a robot that can do chores. Banks and other financial institutions are taking notice and using it for customer service, financial calculations, and even stock market analysis.

In this blog, we'll dive into the benefits and limitations of ChatGPT in the finance industry and introduce a newer tool, ChatSonic by Writesonic, that aims to improve on some of ChatGPT's limitations.

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Benefits and limitations of ChatGPT

ChatGPT, also known as the "genie in a bottle" of the finance industry, is a brilliant tool that has taken the world by storm. It's not just a regular finance chatbot for banks that can answer FAQs and repetitive questions but can take customer service to the next level. But, like every genie, it also has its limitations.

Let's discuss the benefits and limitations of ChatGPT, so you can decide whether it's the right fit for the financial industry.

Benefits

ChatGPt helps with improved customer service

ChatGPT is like having a personal financial advisor in your pocket. It can answer questions more personally, leading to faster response times and increased customer satisfaction.

Although chatbots for banks are already used to automating answering FAQs and repetitive questions, ChatGPT can take chatbots banking a step further and respond more personalized, just like a tailor making a suit for you. Imagine a customer asking a question, and instead of getting a robotic response, they get an answer tailored to their needs.

This use case can be instrumental as a tax bot customer service, which can explain how the taxation system works and how everyday people can save taxes, just like a financial advisor guiding you through your tax return.

ChatGPT helps with automated financial calculations

Chatbot banking is nothing new, it’s where you enter some data, and it shows you the results. However, ChatGPT can level up and automate financial calculations, such as determining loan payments or calculating investment returns. While such tools already exist, if often look overcomplicated and need to be more user-friendly.

ChatGPT can ease chatbot finance by letting users explain their calculations conversationally and process them. Imagine a customer asking how much they need to pay for their loan, and it gives them a human-like response.

Another potential use case could be a tax bot app powered by ChatGPT that explains your entire tax situation — your annual income, the amount of tax you owe to Uncle Sam, etc.

Let's ask ChatGPT a question.

ChatGPT - ChatGPT for Finance
ChatGPT

We asked ChatSonic the same question and got a similar comprehensive response

ChatSonic - ChatGPT for Finance
ChatSonic

Okay, okay. No silly questions anymore.

ChatGPT - ChatGPT for Finance
ChatGPT

Vs. ChatSonic giving a super comprehensive and on-the-point response

ChatSonic - ChatGPT for Finance
ChatSonic

ChatGPT for Stock market analysis

ChatGPT can analyze stock market data and provide predictions based on historical stock prices and trends.

While this is not financial advice, and it's not wise to rely on such predictions, ChatGPT can track financial indicators for investment decisions and translate them into layman's terms for understanding.

This can be a valuable tool for financial institutions and individual investors who must go through loads of data before deciding.

Don't believe me? Here's an example for you.

ChatGPT - ChatGPT for Finance
ChatGPT

Vs ChatSonic (the ChatGPT alternative) being a killer Finance Guru talking with exact numbers -

ChatSonic - ChatGPT for Finance
ChatSonic

ChatGPt for Excel Formulas

When was the last time you actually remembered an Excel formula?

We can use ChatGPT to automate such excel formulas by explaining the problem in texts, and it could come up with a solution.

This is a massive timesaver for financial institutions that rely on tools like Google Sheets or Microsoft Excel to handle complex calculations, such as statistical analysis and data visualization, which can be helpful for financial analysts.

One look at how it works.

ChatGPT - ChatGPT for Finance
ChatGPT

ChatSonic giving an apt answer again!

ChatSonic - ChatGPT for Finance
ChatSonic

Limitations of using ChatGPT

Dependence on outdated data

ChatGPT depends on the quality of the data fed to it. If the data is not accurate or updated regularly, the predictions and analysis by ChatGPT will be affected negatively, which is the case right now.

Since it currently runs on data based on 2021 and before, most of its answers are irrelevant today and may need to be more helpful. The lack of real-time data is a headache (and an invitation for lawsuits) for banks and other financial institutions that rely on it.

Complex tasks

ChatGPT is like a superhero who's still learning. It's powerful, but it could be more capable of understanding complex financial concepts or regulations. Imagine having a superhero who's good at fighting crime, but when it comes to  understanding financial regulations, it's like a baby.

It's not just a problem with ChatGPT, but it's a problem with all AI tools ‌, as financial concepts and regulations vary from country to country and even state to state and are often open to interpretations. This makes it difficult for ChatGPT to comprehend and provide an in-depth analysis of financial reports or laws.

Limited understanding of the context

It's excellent at answering customer queries but needs to improve its ability to understand context and nuances in language.

This can lead to inaccuracies or misunderstandings when answering customer inquiries or providing financial advice. However, this is considered a temporary limitation as far as AI progress is concerned.

Capacity overload

ChatGPT crossed the one million users mark within the first week of its launch in December. Right now, it serves tens of millions of users worldwide.

Due to this unexpected and sudden surge of users, its servers are often overloaded, which abruptly causes ChatGPT to either fully shut down the service or show ChatGPT is at capacity”.

Introducing ChatSonic —  better than ChatGPT, beating all the limitations.

Time for another analogy — this time, a better one.

ChatGPT is like the Hulk for the finance industry — it's powerful, capable and has many advantages, but it has its limitations, a.k.a, it's not as brilliant as Bruce Banner. And that's where ChatSonic comes in. It's like the Hulk from Endgame that finally merges Hulk with Bruce Banner, a.k.a; takes care of all the limitations of ChatGPT.

Let's discuss why you may want to consider an alternative and how ChatSonic is better than ChatGPT.

Why go for a ChatGPT alternative in the first place?

ChatGPT is trained on data sets up to the year 2021. This means that it cannot provide information on current events and trends that have occurred after 2021. This is a nightmare for financial institutions that must stay up-to-date on current market conditions and other financial data.

No voice command activation

ChatGPT is optimized for text dialogue and not voice search. Users must manually type in every word they want to ask ChatGPT, which can be time-consuming and less efficient.

Most users prefer voice input over texts to explain complex or challenging problems, which may not be possible to type. The tone and style of speaking also help to understand and determine the context of the conversation.

Doesn't help with AI image creation

While this might not seem significant for ChatGPT, the lack of ability to generate images based on text input can be a limitation for financial institutions that need to produce graphical content to help explain complex financial concepts to customers.

Introducing ChatSonic: The future of ChatGPT

Chatsonic - like ChatGPT is like a supercharged AI built using GPT3, but with superpowers. It has the same capabilities but a significant advantage: it's connected to the internet. (Google Search)

This means it can access real-time information and provide up-to-date answers, just like a weather app that updates every minute. It's a game-changer for industries like finance and tech that need to stay informed on current market conditions and financial news.

Plus, it can provide in-depth summaries and insights, like a news anchor giving a detailed report on current events.

I asked it where I could invest to get the best ROI, and here’s the answer.

ChatSonic - ChatGPT for Finance
ChatSonic

Voice command recognition.

Chatsonic is like having a personal assistant that speaks your language. It has a built-in voice command recognition feature, so users can generate content by explaining their problems, just like ordering food at a drive-thru.

This can be helpful for institutions needing financial information and individuals who prefer voice commands over typing. Plus, its vocal interaction is like Siri or Google Assistant, making the conversation feel more natural and engaging, just like chatting with a friend.

Here’s what I asked ChatSonic using its voice recognition

ChatSonic - ChatGPT for Finance
ChatSonic

And the answer is absolutely on point!

ChatSonic - ChatGPT for Finance
ChatSonic

AI image creation.

Chatsonic is like a graphic designer that can turn text into visual AI art. It can generate images based on text input, leaving ChatGPT behind, just like a paintbrush turning a blank canvas into a masterpiece. This can be a significant advantage for users that need to produce visual or graphical content to help explain complex financial concepts to customers, just like a teacher using a whiteboard to explain a math problem.

In conclusion, ChatSonic's functionality is like an upgraded version of ChatGPT. It not only makes it a better and more powerful alternative but also a worthy opponent, just like a Ferrari vs a sports car.

I asked it to generate an image —  and let’s say, I couldn't be more impressed.

ChatSonic - ChatGPT for Finance
ChatSonic

Personal assistant, just for you.

ChatSonic is like having your very own personal assistant, but better. You can customize your user persona and have it help you with anything from accounting tasks to preparing for an interview.

It's like having a personal accountant, interviewer, stand-up comedian, travel guide or whatnot available 24/7 to give you support and guidance. With ChatSonic personal assistant, you can explore endless possibilities and solve your problems more efficiently, without having to pay for an actual assistant!

Unleash the power of ChatSonic API for businesses

ChatSonic's API is a game-changer for businesses looking to generate accurate and real-time factual content. Its API provides accurate summaries and insights about current news, trends, and conversations using Google's knowledge graph for the latest information.

Businesses can use ChatSonic's API for a variety of purposes, including content generation, sales, market research, etc. It can provide accurate answers to customer queries, generate compelling and personalized sales leads, and provide insights about current market trends and consumer behaviour.

Moreover, ChatSonic's API can also be integrated into chatbots and virtual assistants, making customer service and support more efficient and personalized, giving customers the best possible service.

ChatSonic Chrome Extension

In short, ChatSonic's Chrome Extension is the perfect tool for staying informed and getting answers fast. It's like having a personal assistant for your browser, always ready to help you out.

It displays answers right next to your Google search, so you can get the information you need in a snap. Plus, you can ask follow-up questions for more details, just like asking a real person. And if you're on a website, you can select text and ask the AI to take action on it. It's like having a genie in your browser, granting all your information wishes.

ChatSonic mobile App

Get ready to level up the text and image generation game with Chatsonic app for android.

The advanced AI chatbot is super easy to install and has a user-friendly and intuitive interface. Moreover, with the mobile app, you can generate content from the comfort of your couch, which can ultimately help you to save time and improve efficiency.

Ready to create content on the go? Get the ChatGPT android app for mobile.

How ChatGPT is revolutionizing the banking and crypto industry?

Introducing the real "guru" of the financial world. If you've been in the crypto or stock market for long enough, you've probably come across such gurus, but if you haven't, you're in for a treat.

Let's understand how ChatGPT is revolutionizing the banking chatbots industry.

ChatGPT for Customer service

It can automate repetitive tasks such as answering frequently asked questions, leading to faster response times and increased customer satisfaction. ChatGPT can handle multiple customer queries, ‌which can be an immense advantage for Banks and other financial institutions with a high volume of customer interactions.

This is like having a customer service representative who always stays energized, never takes breaks, and can handle multiple customers simultaneously.

Here's a typical example below.

ChatGPT - ChatGPT for Finance
ChatGPT

ChatSonic offers an API which you can use to integrate into your own apps and websites and let your customers chat like they are talking to a real person.

ChatSonic - ChatGPT for Finance
ChatSonic

ChatGPT Assisting with financial calculations

ChatGPT is the dream financial calculator of the banking industry. It can automate financial calculations, such as determining loan payments or investment returns. This can save banks a lot of time and resources.

Furthermore, it can automate excel formulas, saving a lot of time and effort for financial institutions. This is like having a financial calculator that can handle complex calculations and work 24/7 with complex calculations, such as statistical analysis and data visualization, which can be helpful for financial analysts.

Here's one such example.

ChatGPT - ChatGPT for Finance
ChatGPT

Whereas, ChatSonic (like ChatGPT but with superpowers)  will give you a real-time updated answer with the perfect calculations

ChatSonic - ChatGPT for Finance
ChatSonic

ChatGPT for Trading

ChatGPT is like the "crystal ball" of the crypto industry, which can analyze large amounts of crypto market data and provide predictions on crypto and stock prices and trends. This can be a valuable tool for traders, as well as for hedge funds and other financial institutions looking to make quick trades.

It can also track specific crypto indicators, which can be useful for investment decisions. Imagine having a tool that can predict which crypto asset is going to rise in value before it happens. This can give you an edge over other traders and increase your chances of making a profit.

Here’s a hypothetical scenario.

ChatGPT - ChatGPT for Finance
ChatGPT

A more accurate and elaborated response by ChatSonic -

ChatSonic - ChatGPT for Finance
ChatSonic

ChatGPT for Portfolio management

Portfolio management is a mess, but this can at least give you mental peace by making it easy to manage and analyze a portfolio by providing insights into which assets to buy, hold, or sell, based on market conditions and other factors.

Additionally, ChatGPT can track portfolio performance and provide regular updates on the portfolio's overall value. This is like having a personal advisor that can help you make smarter investment decisions and maximize your profits.

Here’s a real-world example.

ChatGPT - ChatGPT for Finance
ChatGPT

ChatSonic gives you a comprehensive response to take action faster 🙂

ChatSonic - ChatGPT for Finance
ChatSonic

ChatGPT for Improved risk management

ChatGPT can analyze large amounts of data, which can be useful for traders to identify potential risks and take measures, leading to improved risk management and a reduction in potential losses, just like a GPS guiding you through a new city.

For example, it can monitor prices and trends, flag potential risks, and analyze data to provide insights into which assets may be overvalued or undervalued. ChatGPT can also manage a portfolio by offering insights on which crypto assets to buy, hold, or sell, based on market conditions, just like a personal trainer giving you a workout plan.

This is hypothetical, but it’s pretty well written.

ChatGPT - ChatGPT for Finance
ChatGPT

You may wonder, "this must be super expensive, right? Let's dive deeper and explore this in the next section of our blog.

Are you interested in portfolio management, investment banking, and financial planning? If you would like to pursue finance as a career, ChatGPT can help you with Job Search.

Not only this, ChatGPT can also help you to level up your marketing game. Check out ChatGPT prompts for marketing to know more.

How using a ChatGPT-like tool – ChatSonic will, help with cost savings?

It almost sounds like a dream come true if you're reading this far. Well, it's not just a pipe dream. Here's a thorough analysis of how ChatGPT-like tools can help with cost savings:

  • Automation of repetitive tasks: Imagine a bank that gets hundreds of the same questions every day, such as "What are the bank's hours of operation?" or "How do I set up an account?" With a ChatGPT-like tool, this task can be automated, reducing the need for human labour and increasing efficiency.
  • Reduced labour costs: ChatGPT-like tools can automate tasks that would otherwise require human labour, reducing business costs. By automating repetitive tasks, companies can reduce the need for unnecessary human work and increase efficiency, resulting in significant cost savings.
  • Increased operational efficiency: ChatGPT-like tools can increase efficiency by automating tasks and providing quick access to information. This can lead to cost savings by reducing the time and resources required to complete tasks and match expectations.
  • Improved customer service: ChatGPT-like tools can provide 24/7 customer service, leading to cost savings by reducing the need for human representatives to work overtime and on weekends. This can also improve customer satisfaction by providing quick and accurate responses to customer queries.
  • Improved risk management: ChatGPT-like tools can analyze financial data and identify potential fraud, leading to cost savings by reducing the potential for losses and the need for human representatives to manually review each transaction.
  • Compliance with regulations: ChatGPT-like tools can help businesses comply with regulations, leading to cost savings by reducing the potential for fines and penalties.

ChatGPT-like tools are essential tools for businesses looking to stay competitive, and the finance industry is no exception. With this in mind, let's look at other chatbots in the industry.

Other Chatbot solutions in the Finance industry

Imagine you're running a bank, and hundreds of customers come in daily with different questions and queries. It would be like trying to simultaneously keep a hundred balls in the air!

But what if you had a virtual assistant, a ChatGPT-like tool, to help you out? Websites similar to ChatGPT are revolutionizing how businesses operate, particularly those in the finance industry, by automating repetitive tasks, reducing labour costs, increasing efficiency, and improving customer service.

Chinchilla, Bloom, and Replika are other alternatives to ChatGPT besides ChatSonic by Writesonic. Each of these alternatives offers unique features and advantages that make them a better fit for specific use cases.

Here's a more in-depth look at each of these alternatives:

Chinchilla

  • Chinchilla is a compute-optimal model developed in partnership with Deepmind and is regarded as a GPT-3 killer.
  • With 70 billion parameters and four times more data than Gopher, Chinchilla outperforms ChatGPT on mathematical tasks.
  • It is based on transformer models, similar to GPT-3 and BERT, and has a 67.5% accuracy rate, which is about 7% better than the widely used Gopher language model.
  • However, access to Chinchilla requires contacting Deepmind, and there currently needs to be more information available about its pricing structure.

Bloom

  • Bloom is an open-source platform developed with the help of over one thousand AI specialists.
  • It is an innovative multilingual language model that can generate text in 46 languages and 13 programming languages and is widely regarded as one of the top alternatives to ChatGPT.
  • It can take on text assignments it has yet to be specifically trained on by viewing them as opportunities to generate text.
  • However, like Chinchilla, the pricing structure for Bloom is not currently available.

Replika

  • Replika is an AI-powered chatbot that serves as a companion and can recognize visual elements and use them to keep a conversation going.
  • It is powered by a sophisticated GPT-3 autoregressive language model and offers features such as video calls, coaching support, and the ability to give your Replika a relationship status.
  • Replika understands you better the more you talk to it (learning your conversations), and it can be helpful for people feeling isolated.
  • Additionally, Replika has a user base of over 10 million, which is a testament to its popularity and effectiveness.

It's worth noting that while Chinchilla, Bloom, and Replika are all excellent alternatives to ChatGPT, they may not have the same ease of access and additional features as ChatSonic.

Ultimately, the ChatGPT alternative for a specific use case will depend on the specific needs and requirements of the user. The above-described alternatives are powerful models, but evaluating the requirements and choosing the best fit is always good.

The future of ChatGPT in Banking

The future of banking is looking brighter than ever, and a big part of that is because of ChatGPT and similar AI websites like ChatSonic, which will play a huge role in revolutionizing the banking industry in the coming years.

ChatGPT can help financial institutions increase productivity and efficiency by automating time-consuming tasks, analyzing stock market data, and providing valuable insights to help them make better investment decisions.

Here are some more exciting future use cases for ChatGPT in the financial world:

  • It can assist with personal financial management, helping customers create budgets, track expenses and make informed financial decisions.
  • It can assist with account management tasks such as account opening, closing, and transfer.
  • It can provide personalized financial advice to customers based on their individual needs and financial goals.
  • It can assist with loan applications, providing customers with the information and guidance needed to make a loan application.
  • It can also generate personalized investment recommendations for customers based on their risk tolerance and investment goals.

As more and more industries adopt AI, the demand will continue to grow.

In the future, we expect to see ChatGPT being used in various financial applications, from customer service to financial analysis and beyond. It's more like having a Swiss army knife can adapt to any situation and provide valuable solutions.

Conclusion

In conclusion, ChatSonic is the best alternative to ChatGPT, with its advanced capabilities and powerful AI. It's a game-changer for the finance industry, providing real-time information, voice command recognition, and AI image creation, making it a worthy opponent of ChatGPT.

One of the biggest advantages of ChatSonic is its ability to access real-time information and provide up-to-date answers on current events and trends, which is something you don’t get even with the ChatGPT Pro plan. This is a crucial feature for industries like finance and tech that need to stay informed on current market conditions and financial news.

Moreover, ChatSonic's AI art creation, voice recognition, and personal assistant features make it a versatile tool for businesses and individuals looking to generate unique and engaging content.

Uddalak Das

Uddalak Das is a B2B Writer for SaaS, Web3, and FinTech brands. His agency, Cypher Strategy, helps businesses create compelling content that drives sales and growth, organically.

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