The Banking Executive Magazine - April 2023 Issue

CHATGPT PROMISES AND PITFALLS INTRODUCTION ChatGPT is taking the internet by storm. It is the latest Artificial Intelli- gence tools that is revolutionizing the way we do business. In light of the rise of ChatGPT, Arab banks and businesses need to think about how to leverage this new technology in work, production and services, and explore how it could enhance work- flows and deliver better customer ex- periences. Arab authorities should also devise the appropriate legisla- tions to support the use of ChatGPT and prevent any misuse. This article provides a complete overview of ChatGPT. The overview covers the launch, steps to use, ap- plications, opportunities and poten- tial dangers including threat to jobs, and regulation and ban in various countries. The article concludes with recommendations for Arab banks and businesses to leverages the promises brought by ChatGPT and avoid the pitfalls. WHAT IS CHATGPT? ChatGPT is an artificial-intelligence (AI) chatbot developed by OpenAI. ChatGPT was launched as a proto- type on November 30, 2022. It cap- tured attention for its detailed responses and articulate answers across many domains of knowledge. Its uneven factual accuracy has been identified as a significant drawback. Following the release of ChatGPT, OpenAI's valuation was estimated at US$29 billion in 2023. the BANKING EXECUTIVE 8 ISSUE 172 APRIL 2023 BY DR SOHA MAAD