What will ChatGPT revolutionize in the financial industry?

Hassnian Ali (1) Ahmet Faruk Aysan (2)
(1) Hamad Bin Khalifa University, Qatar
(2) Hamad Bin Khalifa University, Qatar Foundation, Qatar


The launch of the open AI chatbot, ChatGPT, in November 2022 has generated widespread excitement around Generative Artificial Intelligence (AI). While researchers have explored ChatGPT's ability to produce content and respond to input, our study takes a different approach and examines its use cases in the financial industry. We aim to understand what ChatGPT offers the financial industry and how it differs from existing banking and financial chatbots. Financial institutions can use ChatGPT for a variety of purposes, including customer engagement, personalization, up-selling and cross-selling, stock forecasting, product development, and financial education. By focusing on the potential of ChatGPT in finance, we hope to spark discussions about its applications in other domains and explore the possibilities of a larger revolution in the future. Finally, this study identifies the challenges associated with the use of Generative Open AI and LLMs-based chatbots in the financial industry and provides recommendations for addressing these challenges.

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Hassnian Ali
haal50943@hbku.edu.qa (Primary Contact)
Ahmet Faruk Aysan
Author Biographies

Hassnian Ali, Hamad Bin Khalifa University

Hassnian Ali, Hamad Bin Khalifa University, Qatar, e-mail: haal50943@hbku.edu.qa

Ahmet Faruk Aysan, Hamad Bin Khalifa University, Qatar Foundation

Ahmet Faruk, Hamad Bin Khalifa University, Qatar Foundation, Qatar, e-mail: aaysan@hbku.edu.qa

Ali, H., & Aysan, A. F. (2023). What will ChatGPT revolutionize in the financial industry?. Modern Finance, 1(1), 116–129. https://doi.org/10.61351/mf.v1i1.67

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