The rise of ChatGPT: Applications and implications of conversational AI

Implications of ChatGPT and Its Role in Shaping the Future

The world of technology we once knew is changing. How do we know that? When was the last time you bugged Siri/Cortana/Alexa with a question?

ChatGPT’s worldwide recognition indicates that mankind is moving towards yet another change. While the first chatbot, Eliza, was developed by an MIT professor named Joseph Weizenbaum in the 1960s, it was not until the last decade that companies across the globe started using them extensively to strengthen customer service and other aspects of their business. The past few years have seen several marvels of Artificial Intelligence, but ChatGPT is by far the most fascinating one and with great reason – as some say it is a modern-day Tom Riddle’s diary (for all the Harry Potter fanatics out there) that has an answer for every question.

Applications of ChatGPT

The technology behind Chat-GPT (generative pretrained transformer) is not completely new. It is modelled on GPT-3.5 which itself is an upgraded version of GPT-3. Previously, the existence of super-computers was merely a piece of information for humans but, for the very first time, a powerful robot such as ChatGPT has been introduced and made directly available to the masses for their gain.

There are a variety of ways ChatGPT can be used as anyone from marketing to C-suite execs can attest, but there are six major sectors in which it’s become the go-to for some:

  1. Content Creation: Creating relevant and informative content for the right audience can be daunting. Content creators can often run out of new ideas or end up making repetitive content that doesn’t seem to resonate. ChatGPT has a huge knowledge base and is capable of suggesting new and related topics to a certain field that might help educate and reach the targeted audience. Also, the bot is trained on data sets containing conversational and academic text making it easier to use it for a variety of things ranging from social posts to even collegiate entrance essays.
  2. Banking: From answering a wide range of queries to offering personalized solutions, bankers are always striving to stay afloat and cater to the ever-growing needs of their customers. In the present-day, banks can enhance their customer service by providing real-time support via ChatGPT. It has natural language processing (NLP) capabilities, and can respond to customer queries, doubts, and requests for information swiftly and efficiently. Additionally, banks can use ChatGPT for customer profiling by analyzing their investment mediums and spending habits.
  3. Finance/wealth management: ChatGPT is trained on various kinds of datasets which also includes financial case studies and overviews of historic events in this field. This is why it is smart enough to gauge investment objectives for a particular client based on limited information. Moreover, the bot can suggest profitable investment prospects by considering risk factors and other parameters.
  4. Customer service: Good and punctual customer service is of paramount importance to an organization. A tool like ChatGPT can ensure these KPI’s are achieved seamlessly. Sometimes contact center agents are too busy or overwhelmed to answer repetitive questions pertaining to shipping, pricing, or first-hand demonstrations. ChatGPT can fill in for such responsibilities and cater to all the questions with ease. Companies can use ChatGPT to generate automated responses to frequently asked questions and help customers by quickly finding the information they need without human assistance.
  5. Healthcare: ChatGPT can prove to be highly effective in making healthcare processes smoother and patient friendly. ChatGPT-integrated assistants can be used for manually registering patient data into the hospital or healthcare provider’s database – saving a lot of time and frustration while allowing human resources the opportunity to tend to more crucial matters at hand. Additionally, the bot can schedule appointments with doctors, help friends and family understand relevant information about their close one’s ailments, and assist them with queries at any point in time, providing a true self-service option.
  6. Software development: ChatGPT’s huge knowledge repository shows itself to be promising for coders and developers alike. It can help them understand the logic and goal in depth before one begins to write a code and can also generate pieces of code by following any user prompt for any programming language. ChatGPT is also capable of correcting syntax errors and suggesting better `ways to code based on previously tested algorithms.

As ChatGPT continues to develop and be refined, it will certainly be interesting to watch how the business world adjusts and adapts. There will be more iterations of the sort, with the likes of Google Bard and Bing AI showing exciting promise.

Implications of ChatGPT

What’s equally fascinating as the introduction of these AI tools are the inevitable implications or challenges that may bubble up as they continue to work their way into everyday use. People are enthralled and cautious at the same time because they are unsure if using AI in such a manner is beneficial or hurtful in the long run. As with any new technology introduction, it is important to have a clear idea of what this technology has to offer and how it impacts humans in real-time.

  1. Threatened cybersecurity: According to cybernews, fraudsters can use ChatGPT to learn how organizations communicate with their clients and then generate realistic phishing emails, where they encourage victims to click on links leading to promiscuous web addresses. The CEO of OpenAI, Sam Altman, has said “Now that they have improved their programming capabilities, they could be used to execute more aggressive cyber attacks.”
  2. Stunted creativity: With more and more people resorting to ChatGPT for everything, people are going out of practice when it comes to brainstorming for new ideas and solutions. The field of journalism and print media is quite reluctant in approaching ChatGPT for help as it is considered a hack to appear creative.
  3. Replacement of human resources: 2022 has been the year of lay-offs and the trend continues. Software developers are fearful of ChatGPT becoming a replacement to their roles. The value of pre-generated codes and algorithms from ChatGPT will be the same as those developed by a junior-level coder and it’s feared that ChatGPT will become heavily relied upon rather than human talent..

There are many ways in which businesses can integrate ChatGPT into their everyday operations and within its short introduction to the world, and over X registered users, it’s becoming evident that many people are at the very least, intrigued enough to use the platform. However, the accuracy percentage and comprehensiveness of the answers provided by the chatbot is still unclear and therefore leaves many potential users cautious of a full implementation. In any case, ChatGPT is here, and advocates and skeptics alike, are fully engaged ready to learn more.

HGS has been a proponent of AI tools for years, helping clients grow and ensure rich customer experiences, contact us today to see how we can help you.

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