The Banking Executive Magazine - April 2023 Issue

CHATGPT - Promises and Pitfalls Chatbots are AI systems that engage in spoken or written dialogue and commonly power customer service sections of company websites as well as virtual assistants. ChatGPT stands apart from other chatbots because of its reinforcement learning from human feedback model, which al- lows it to produce natural language, to understand when it has made mis- takes. A free version of ChatGPT is available on OpenAI's website, and the company sells a programming in- terface to organizations wishing to incorporate ChatGPT into their exist- ing products and services. A paid subscription model of the program is also available. HOW TO USE CHATGPT? Since it is launched, the number of ChatGPT users has skyrocketed. ChatGPT became the fastest growing app of all time, even surpassing Tik- Tok. ChatGPT can be accessed from http://chat.OpenAI.com. ChatGPT can be used for free. Since the natu- ral language processing model is still in its research and learning preview phase, people can use it for free. Users can register for a free OpenAI account and there is an option to up- grade to a paid membership. Steps to use ChatGPT are: 1. Create an OpenAI account 2. Accept ChatGPT terms 3. Start writing ChatGPT can generate responses to prompts. This is a feature that could eventually challenge search engines well enough, to become an impor- tant tool for content generation from writing essays to summarizing a book. ChatGPT can also write and fix code, make calculations, help com- pile a resume, translate information, and more. The rise in ChatGPT's popularity can largely be attributed to the expert combination of wide accessibility, knowledge, and fluidity in conversa- tions. The ChatGPT model can also challenge incorrect premises, and answer follow-up questions. Chat- GPT can generate essays, and write code from user queries. CHATGPT APPLICATIONS The top ChatGPT applications and examples include: • An alternative to Google search: ChatGPT can respond to inquiries fast and accurately, making it a vi- able alternative to search engines like Google or Bing. • Roleplay: There have been several cases where users use ChatGPT for role- playing. They will ask the chatbot to act as a specific character in a certain scenario, then interact with it. • Write high-quality copy: ChatGPT uses AI to write high-per- forming copy, thus making the job of a digital marketer easier. • Write code and debug: ChatGPT is useful for debugging and learning new concepts. ISSUE 172 APRIL 2023 the BANKING EXECUTIVE 9