Written by 12:00 Member, TOP-NEWS

DVFA Monthly Survey: Opinion on the use of ChatGPT in the financial industry

In the latest edition of the DVFA monthly question, investment professionals were asked, among other things, how relevant they consider the AI tool ChatGPT to be for their work now and in the future.

ChatGPT, one of the latest megatrends in the field of artificial intelligence, was the topic of the current monthly question of the Association of Investment Professionals DVFA. Developed by OpenAI, ChatGPT as an advanced neuro-linguistic programming tool (NLP tool) also opens up possible applications in the financial sector.

A good third (35%) of the DVFA investment professionals surveyed have already had texts written with ChatGPT, although the chatbot as a prototype of a text-based dialogue system has only been publicly available since November 2022.

Up to now, ChatGPT has been working with its own database, in which information after 2021 has not been entered. However, this will change in the near future. For respondents, access to current data is the prerequisite for being able to produce accurate analyses. What is certain is that the new technology could change the industry profoundly within a short time. “The majority of 67% of respondents share the opinion that ChatGPT will be able to support tailor-made solutions in the future, so that investment professionals will have to deal with the technology sooner or later,” says Christoph Schlienkamp, Deputy Chairman of DVFA.

ChatGPT: An opportunity now and in the three-year time horizon

How is artificial intelligence such as ChatGPT rated for the activities of investment professionals, currently and in three years’ time? Respondents are open: 53% see an opportunity now, 69% in three years. The growing power of language models is perceived and will increase in the future. However, 39 % judge it “a nice gimmick” for the present, for the three-year time horizon this rating shrinks to 16 %. It is remarkable that the rating as a risk for investment professionals is only seen by 8 % in the present and by 15 % in three years. The risk is rated as manageable for the activity as an investment professional.

The analysis of financial data and the prediction of investment decisions: Currently weak and of medium importance in the near future

After the importance for the analysis of financial data and the prediction of investment decisions, the association again queried the role of ChatGPT for the present and in three years. ChatGPT was rated as a “good” vehicle by 3% at present, rising to 33% in three years. The importance of the tool is thus considered to be increasing, albeit coming from a low starting point. Currently 39% rate it as “mediocre”, in three years 49%. This is the highest value for the three-year forecast. 58% currently see ChatGPT as a “weak” tool, but this drops to 18% for the three-year timeframe.

Offering ChatGPT and future customised solutions for investor requirements

Artificial intelligence offers novel opportunities in terms of personalised investment strategies that are entirely tailored to investors’ needs. The association asked: Do you think ChatGPT will be able to develop personalised investment strategies based on investor preferences and goals in three years’ time? An overwhelming majority of 67 % say yes. Rather no, 33% think so. The majority of respondents therefore consider the technology to be viable for the future.

Source: DVFA Monthly Survey as of 14 March 2023
Image: Unsplash

This is an automated translation.

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