10 ChatGPT3 fintech predictions for 2023…are they any good?

Predictions flourish at the start of a new year, but what to do with those prepared by the AI ​​text generator everyone is talking about? A bit bland, to be honest.

Image source: Pexels/Tara Winstead

From passing MBA exams at the world’s top business schools to writing software code, ChatGPT3 is everywhere in 2023.

Creating written content through artificial intelligence generation is what has people most excited at the moment. Buzzfeed, for example, has said it will use ChatGPT’s technology to create content that sends its shares up 160 percent.

But is it what its most effervescent acolytes claim and the future of just about everything or…the next clubhouse (remember that)?

The applications are multiplied in the fintech world where startups spend large amounts of venture capital-derived money on software development and marketing.

Piotr Kicinski, vice president of Polish fintech Conotoxia, which offers a digital multi-currency wallet to consumers and businesses, says the firm’s employees have been testing GPT-3’s text generator mainly for marketing purposes.

“The tool supported the creation of marketing content, social media posts or blog posts. We observed that it not only corrects grammatical errors, but also predicts which phrases or sentences might fit into the text and occur after given words,” he said.

“Using advanced algorithms, the program offers specific content and ideas based on analyzing the text and statements of Internet users online. In addition, GPT-3 can summarize material or suggest titles. It reproduces the style of copywriters and understands the connection between words,” he added.

Conotoxia is also using the technology to try to streamline this into an automated process by testing a program that allows the content produced by GPT-3 on given topics to be automatically downloaded from the generator instead of doing this manually.

“The content is ready for publication on a selected website or blog. The first tests are promising. Conotoxia has not yet made a decision on the use of GPT-4, but we will certainly consider it, he said.

“We will see how the testing of the mentioned bot proceeds as a supplement to the work of our specialists. We believe that no technology can replace people – the experts in their field,” he added.

To examine its credentials AltFi took a look at what Chat GPT3 can produce by testing it against the endless predictions bubbling up in the fintech world.

This is what it came up with:

As we enter the new year, the financial technology (fintech) industry is poised for continued growth and innovation. Experts predict that 2023 will bring a number of new developments and advances in areas such as digital banking, insurtech and blockchain technology.

From the growing use of artificial intelligence to the growing popularity of cryptocurrency, the fintech landscape is set to evolve in exciting and dynamic ways.

1. Increased use of open banking: With open banking, consumers can safely share their financial data with third-party providers, giving them access to a wider range of financial products and services. We can expect to see more banks and fintech companies implementing open banking in the coming year.

2. Greater use of artificial intelligence and machine learning: Fintech companies are already using these technologies to improve their products and services, but we can expect to see even more widespread use in 2023. For example, AI-powered financial advisors and robo-advisors are likely to become more common.

3. Growth in digital payments: We have seen a significant increase in the use of digital payments during the COVID-19 pandemic, and this trend is likely to continue in the coming year. This will include more widespread use of mobile payments and digital wallets, as well as continued growth of cryptocurrency.

4. More focus on financial inclusion: Fintech companies and governments around the world are working to increase financial inclusion by providing financial services to underbanked and unbanked populations. In 2023, we can expect to see continued efforts in this area, including the use of technology to improve access to financial services in remote and underserved areas.

5. Further regulatory developments: As the fintech industry continues to evolve, we can expect to see further regulatory developments aimed at protecting consumers and ensuring the stability of the financial system. This may include new regulations specifically targeting fintech companies, as well as updates to existing regulations to take account of the impact of fintech on the financial sector.

6. Growing interest in sustainable and impact investing: Investors will increasingly be interested in investing in companies that align with their values ​​and have a positive impact on the environment and society.

7. The use of biometric authentication will become more common: Fintech companies will increasingly adopt biometric technologies such as facial recognition and fingerprint scanning to improve security and make access to financial services easier.

8. The use of blockchain technology will become more common: Blockchain technology has the potential to improve transparency, security and efficiency in financial transactions. By 2023, we can expect to see more widespread use of blockchain technology in areas such as payments, supply chain management and digital identity.

9. The insurance sector will be disrupted: Fintech companies will continue to innovate in the insurance space, offering new products and services that are more affordable and accessible to consumers. This could lead to increased competition and reduced prices for insurance products.

10. Virtual and Augmented reality technologies will be used more in financial services: Fintech companies will increasingly use virtual and augmented reality technologies to improve customer engagement and provide more immersive and interactive experiences. This technology can help improve financial literacy and make financial services more accessible to consumers.

Of course (it’s the human writer back now by the way, hey), it’ll be a year before we can really assess how well ChatGPT3 did on their fintech predictions for 2023, but it’s safe to say they’re definitely, well, a … little safe.