ChatGPT, the cutting-edge generative AI chatbot from OpenAI, has become a hot topic in 2023. In banking, generative AI will revolutionize marketing, customer service through virtual assistants, and enhance machine learning accuracy. Its impact will be prominent in retail banking, wealth management, SMB banking, and investment banking. Over the next three years, generative AI will show promising use cases in fraud support, personalized offers, virtual assistants, and wealth planning. However, it is currently unsuitable for loan decisioning, trading, and compliance.
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