Interview: We asked a chatbot what it thought about chatbots

by James · February 1, 2023

Automated customer service tools – or “chatbots” – are having a significant impact on the delivery of customer service, particularly in banking and finance. Yet they create such a drastic transformation that they require entire industries to adapt.

What better way to gauge the health of chatbots than to ask an actual chatbot? We asked ChatGPT, which has gained significant traction since launching late last year, what they thought about the future of chatbots in the financial industry.

As you will see, the answers are characteristically matter-of-fact and concrete. There is little room here for witty insight or edgy observations – the things that make interviews good. It also seems less inclined to express personal opinions, unsurprisingly. When it expresses an opinion, it is not its own – however convincing it may be. As the saying “garbage in, garbage out” (GIGO) suggests, ChatGPT’s response is the sum of its input. Still, it’s capable of holding a continuous and coherent conversation, and it’s probably not the worst interview we’ve ever conducted!

Table of Contents

Introduce yourself to our audience.

ChatGPT is a language model developed by OpenAI, based on the GPT (Generative Pretrained Transformer) architecture. It is trained on a large corpus of text data and can generate human-like answers to text-based questions.

ChatGPT can be used for a wide range of applications, including language translation, question answering, text generation and conversational AI. It is designed to understand and generate human-like text, making it well-suited for tasks such as chatbots, where the goal is to generate natural and human-like responses to user input.

Do you think chatbots can be used better in the financial industry?

Yes, chatbots have the potential to significantly improve customer service and efficiency in the financial industry by automating simple tasks and providing immediate responses to common inquiries. They may also collect and analyze customer data to provide personalized financial advice.

But it’s probably already happening. Is there an untapped potential for chatbots in finance or banking?

Yes, there is untapped potential for chatbots in finance and banking. Some potential areas for growth include:

Integration with advanced financial technologies such as blockchain and AI
Offers more personalized and advanced financial advice and investment recommendations
Improved fraud detection and risk management through real-time monitoring and analysis of customer transactions
Streamlining and automating more complex financial processes such as loan applications and portfolio management

Overall, chatbots in finance and banking have the potential to drive greater efficiency and improve the customer experience in many ways.

People say chatbots are useful for customer service, but won’t there always be a question or two that chatbots can’t understand?

Yes, there will always be some questions or requests that chatbots may not be able to handle. Chatbots are currently limited by the programming and data they were trained on, and may not always be able to understand the nuances of human language or handle complex requests. In these cases, the chatbot should be designed to escalate the conversation to a human agent who can help the customer. The use of chatbots should be seen as a complement to human customer service, not a replacement.

If so, do you think the skills of humans will need to change as we learn to live and work alongside AI?

Yes, as AI technology advances, human skills are likely to change. As tasks previously performed by humans are automated, it will be important for workers to develop new skills that complement the strengths of AI. These may include:

Problem solving and critical thinking, as AI can handle routine tasks but may struggle with more complex or unique problems
Emotional intelligence and interpersonal skills, as human interaction and empathy will remain important in areas such as customer service and relationship management
Technical skills in areas such as data analysis, programming and AI development, as these will be in demand in industries that are increasingly dependent on technology

Overall, the rise of AI and automation is likely to lead to a shift in the labor market towards more technically skilled and creative roles, and it will be important for workers to continually upgrade and adapt to stay relevant in a rapidly changing landscape.

Do you think there will be fewer jobs overall in the future?

It is difficult to predict with certainty, but some experts believe that the rise of artificial intelligence and automation could lead to the displacement of jobs in certain industries. However, it is also possible that new jobs will be created as a result of these technological advances.

Historically, technological advances have often led to both displacement and job creation, as some tasks become automated while others become more valuable due to the increased efficiency and productivity enabled by technology.

Therefore, it is likely that the overall impact of AI on employment will depend on various factors such as the speed of technological progress, the willingness of workers to adapt and retrain, and the ability of the economy to create new job opportunities.

Overall, it is important for governments, businesses and individuals to proactively plan for the changes that AI and automation could bring to the labor market, to ensure that workers are equipped with the skills and support they need to succeed in the future.

Will a universal basic income be necessary to compensate displaced workers?

The idea of a universal basic income (UBI) as a way to compensate for job displacement caused by automation and AI has been debated by economists, policy makers and the general public.

Proponents of UBI argue that it will provide a safety net for workers displaced by technology, ensuring that everyone has access to a basic standard of living regardless of employment status. They also argue that UBI can provide a stimulus for economic growth, as recipients will have more money to spend on goods and services.

Opponents of UBI argue that it could hinder work and innovation, as people may be less motivated to seek work if they have a guaranteed income. They also argue that UBI will be expensive to implement and difficult to finance, especially in countries with large populations and limited resources.

Overall, whether or not UBI will be necessary in the future remains to be seen and will depend on a number of factors, including the speed of technological progress, the ability of the labor market to adapt and create new opportunities, and the willingness of governments. and companies to implement policies that support workers in a rapidly changing landscape.