Bluerating | June 2023
In recent times, ChatGPT has been gaining popularity. ChatGPT is a chatbot developed by OpenAI. It simulates and elaborates human conversations, allowing users to interact with digital devices as if they were communicating with a real person.
OpenAI is a non-profit organization whose aim is to promote and develop a friendly artificial intelligence potentially benefiting the whole mankind. Among its founders is Elon Musk.
Bill Gates, who invested large sums of money on ChatGPT with Microsoft, claims that artificial intelligence has the potential of changing the current technology market, revolutionizing companies such as Google and Amazon.
Many people wonder if and how all this will affect the world of financial consultancy, in particular the relationship between clients and consultants.
What ChatGPT can do in terms of collection and elaboration of online information is humanly impossible. With one limitation: ChatGPT cannot listen to people or understand their feelings.
During a conference organized by Class CNBC at Salone del Risparmio, masterfully moderated by Andrea Cabrini and Jole Saggese, Professor Carlo Alberto Carnevale Maffè defined ChatGPT as a “stochastic parrot,” that is a mere repeater.
The conference was attended by three key figures of the world of financial networks, Paola Pietrafesa, CEO of Allianz Bank, Demetrio Migliorati, Head of innovation at Mediolanum, and Ferruccio Riva, Deputy Vice-Chairman at ANASF.
The first (good) news is that ChatGPT has not passed the EFPA certification. The second is that everyone present agreed on the importance of studying and understanding ChatGPT, without underestimating its potential.
A survey conducted by FINER in May revealed that only 57% of financial advisors claims to be familiar with ChatGPT and only 34% of them could provide a correct definition.
The situation does not improve when it comes to clients of financial advisors: only 45% of them claims to be familiar with ChatGPT (the percentage increases to 66% among clients under 30).
On the other hand, it would be important to understand how ChatGPT could be employed in the field of financial consultancy, where the ability to listen and to establish a human connection remain central for all parties involved, including clients under 30. In fact, 59% of them would not renounce to the support of a financial professional when dealing with issues pertaining to asset management.
In a market where maximizing time and costs has become increasingly important, ChatGPT will become a partner and an assistant to be understood and employed, rather than an enemy to fight.
Asking the right questions to Chat GPT is fundamental in order to gain quality contents, useful to make communication and the narrative ability of financial advisors in the dialogue with their current and potential clients more efficient.
Today, data scientists capable of interacting with Chat GPT and developing strategies for the proper and efficient use of its results are very much sought after.
Thus, it is important to invest in education on the use of such tools, keeping in mind what Warren Buffett, the Oracle of Omaha, said: artificial intelligence can do many things and as any other revolutionary invention it will alter everything except people’s behaviors and thoughts.
Nicola Ronchetti