GPT-4: How will it affect the financial and crypto industries?
Open AI’s GPT-4 was launched recently and everyone is considering its impact on the financial industry. The AI bot is a language model that answers language-based questions with inventive answers. With its AI potential, it could have serious consequences for the traditional and crypto finance industries.
The power of GPT-4
GPT-4 can skillfully analyze different patterns with which previous frauds have occurred and greatly improve customer service. Imagine a GPT-4 powered chatbot recommends its users with:
- Your account information,
- News from the market,
- Targeted news on the Internet,
- Where to invest, and
- How to diversify the investment portfolio for the best result.
Aiming to use little or no manual tasks, GPT-4 can remove human customer service agents from the picture.
In their new release, Open AI brought a paid model for developers to create software that can be used as engines for multiple programs. Some visionary programmers are willing to contribute to the growing AI scenario, and the field could use different ideas for its development.
GPT-4 and its use in the financial industry
The financial industry can greatly benefit from the power of AI and GPT-4, and speculation is circling that the next revolutionary innovation in ChatGPT may not come from in-house development. But with the collaboration between fintech companies and developers to develop application programming interfaces (APIs) that can be used in the financial industry.
APIs are modular add-ons designed specifically to interact with the bank’s internal network, allowing the bank to launch and offer new products such as digital wallets and buy now pay later (BNPL). GPT-4 bridges fintech, technology and banking companies, bringing them together for the greater good.
Banks used to develop their internal payment system to suit their needs. But today they partner with technology and fintech companies to build their systems and benefit from their technological prowess.
The key power that GPT-4 has is the ability to provide personalized responses after a detailed analysis of the user’s patterns, preferences and behavior. Significantly improve the capacity of a financial institution to offer targeted and more personalized services to its customers. Almost everyone loves a personal touch, and with this technology, banks and financial institutions are taking advantage of this advantage.
A human brain cannot analyze all aspects such as price actions, financial history of the company, past performance, current position, competitors in the market, their position in relation to the investing company, market trends, the reason behind the trend, related news floating in the market, possible impact on the price action etc. all at once before investing, GPT-4 can provide detailed analysis for that.
If a company comes up with a bot that is capable of comprehensive asset research and prediction or helps summarize current market conditions such as stock market movements, indices, ETFs, commodities, etc., it can revolutionize the market. The data in hand will be based on detailed analysis of several aspects and patterns and can greatly improve profits.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
