Revolutionizing finance with conversational AI: a focus on ChatGPT implementation and challenges

Abstract

This study aims to investigate the application and management strategies of ChatGPT in financial services. We explore the potential of ChatGPT in financial customer service, financial planning, risk management, portfolio analysis, insurance services, and fraud prevention, for which it is found to provide efficient automated solutions for financial institutions. To successfully implement ChatGPT applications, we emphasize the importance of managing conversational AI, including clarifying business requirements, identifying application scenarios, building appropriate data models, ensuring security and privacy, performing manual supervision, and establishing evaluation and feedback mechanisms. Besides, we also analyze the challenges and limitations of ChatGPT in financial business, such as data trustworthiness, data privacy and security issues, model bias, and regulatory and compliance issues. Under this foundation, we propose corresponding solutions. Finally, we look forward to the future development of ChatGPT in the financial domain and make corresponding practical suggestions to help financial institutions better utilize ChatGPT technology.

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