GPT-4: How Will it Impact the Finance and the Crypto Industry?

Open AI’s GPT-4 was released recently, and everyone is considering its impact on the finance industry. The AI bot is a language model that responds to language-based queries with inventive responses. With its AI potential, it may have serious impacts on the traditional and crypto finance industries.

The Power of GPT-4

GPT-4 can skillfully analyze different patterns with which previous frauds occurred and greatly improve customer service. Imagine a GPT-4 powered chatbot recommends its users with:

Their account information,
Breaking market news,
Targeted news on the Internet,
Where to invest, and
How to diversify the investment portfolio for best results.

Considering using little to no manual chores, GPT-4 may remove human customer service agents from the picture.

In their new release, Open AI brought a paid model for developers to create software that can be used as engines for multiple programs. Some visionary programmers are willing to contribute to the growing AI scenario, and the field can use various ideas for its development.

GPT-4 and its Use in the Finance Industry

The finance industry can greatly benefit from the power of AI and GPT-4, and speculations are circling that the next revolutionary innovation in ChatGPT might not be from in-house development. But with the collaboration between fintech companies and developers to develop application programming interfaces (APIs) which can be used in the finance industry.

APIs are modular add-ons designed specifically to interact with the bank’s internal network, allowing the bank to launch and offer new products like digital wallets and buy now, pay later (BNPL) schemes. GPT-4 bridges the gap between fintech, technology and banking companies, bringing them together for the greater good.

Banks used to develop their in-house payment system suitable for their needs. But today, they are partnering with tech and fintech companies to build their systems and benefit from their technological prowess.

The key power that GPT-4 holds is the ability to personalized responses after a detailed analysis of the user’s patterns, preferences and behavior. Greatly enhancing the capacity of a financial institution to provide targeted and more personalized services to their customers. Almost everyone loves a personal touch, and with this technology, banks and financial institutions are leveraging this benefit.

A human brain can’t analyze every aspect like the price actions, company’s financial history, past performance, current standing, competitors in the market, their position relative to the investing company, market trends, reason behind the trend, related news floating in the market, possible impact on the price action, etc. all at once before investing, GPT-4 can provide detailed analysis for that.

If a company comes with a bot capable of extensive research and prediction of assets or helps in summarising current market conditions like stock market movements, indices, ETFs, commodities, etc., it could revolutionize the market. The data in hand would be based on detailed analysis of multiple aspects and patterns and could greatly improve the profits.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing