By Rob Joseph, Director, BeaconCFO Plus

Starting a conversation with Chat GPT, the latest iteration of Open AI’s chatbot, is as simple as typing a few lines of text—usually a statement, directive, or question.

You can request a recipe for a French-inspired dish using ingredients you have on hand, ask for a  language translation, or even have it write you an original poem. 


But what does Chat GPT mean for finance teams?

I posed this exact question to Chat GPT. It began its response by reminding me that, as an AI language model, it does not have personal opinion or emotions regarding news, events, or trending topics. Then it went on:

GPT (Generative Pre-trained Transformer) is an AI language model developed by OpenAI, which is used for natural language processing (NLP) tasks such as language translation, question-answering, and text generation. Financial institutions are increasingly leveraging NLP technologies to improve their customer service and streamline various financial processes. 

The application of Chat GPT in finance has been rapidly growing with the rise of digital banking and the demand for seamless customer experiences. With chatbots, institutions can provide 24/7 customer support and reduce operational costs.

Seamless customer experiences are a high priority for financial service providers. Using AI chatbots to respond to common questions can free your finance professionals to handle more advanced and complex situational questions from clients. 


But does the potential of Chat GPT go far beyond banking chatbots? 

GenCFO recently polled their users on LinkedIn and found that 65 percent felt that Chat GPT has a place in accounting and finance. Matt Malek, CFO at Interactions, describes this place well in an article for CFO

“CFOs are not just financial stewards, but also connectors and thinking partners throughout an enterprise. We have a responsibility to understand where investments in AI-powered technologies, like chatbots or virtual assistants, can be impactful.”

There are definite industry-driven concerns—dated information, copyright infringement, and a relaxed attitude toward fact-checking, to name a few. Still, there are benefits for finance teams:

  • Connecting digital technology (fixing bugs, using an API, etc.)
  • Streamlining content creation with research and ideas
  • Providing financial analysis and recommendations based on input data
  • Automating financial reporting based on input data
  • Generating financial projections based on past data and market trends
  • Enhancing customer service with quick, accurate answers to common questions

Will Chat GPT replace the role of the traditional or fractional CFO? Not likely—there is no replacement for experience, context, and trust. However a forward-thinking CFO will carefully consider the advantages of AI technology for your organization to streamline and support your team’s operations. If you would like to discuss this with one of our virtual CFOs, please reach out to schedule a conversation.

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