Amit Ranjan, Japan and Korea Banking Transformation Leader, Microsoft

As an individual intrigued by the ever-evolving world of finance, I’ve often pondered technology’s ever-increasing role in financial decision-making. From robo-advisors to AI CoPilots, we are starting to see technology matching and out-pacing professionals in the industry.

This got me thinking. How does artificial intelligence match up against some of today’s financial services experts?

And a couple of months ago, I got my answer when I embarked on a journey to explore the potential of AI-driven solutions at the inaugural Japan FinTech Festival in Tokyo. Here, we had the unique experience of including ChatGPT as a participant in one of the panel discussions.

Alongside ChatGPT and myself, we had a panel of experts which included: 

  • Alan Lim, Head, FinTech Infrastructure Office, Monetary Authority of Singapore (MAS)
  • Joichi Ito, Co-Founder, Digital Garage
  • and the moderator Sandra Tobler, CEO, Futurae

Throughout the panel, I posed questions, delving into various topics spanning AI, FinTech, ESG, and digital assets.

So, can AI outperform a panel of Financial Services Experts?

From the outset, ChatGPT impressed me with its ability to provide clear and concise answers seamlessly to my questions on AI's role in financial services. It demonstrated a solid grasp of AI's key benefits, such as improved decision-making, risk assessment, personalisation, fraud detection, and operational efficiency. Furthermore, it displayed an understanding of the regulatory landscape surrounding AI in financial services, acknowledging the potential benefits and risks involved, including data privacy and fairness.

As our conversation progressed, we explored the world of ESG and its intersection with technology. ChatGPT effectively outlined the challenges faced in ESG data reporting and analytics, such as data inconsistency, lack of standardisation, and greenwashing. It also highlighted the potential of technology in addressing these issues, with AI-driven analytics and automation offering greater transparency, standardisation, and accuracy in ESG data management.

When discussing digital assets and central bank digital currencies (CBDCs), ChatGPT provided insights into the latest developments, such as the Bank of Japan's phased approach to CBDC experimentation. It also touched on the challenges and opportunities associated with Know Your Customer (KYC) processes in decentralized finance (DeFi) and offered strategies for diversifying risks associated with digital assets.

Throughout our exchange, I was particularly impressed by ChatGPT's ability to maintain a user-centric approach in its responses. When asked to summarize key points from our conversation, the AI model efficiently condensed complex information into easily digestible, single-sentence takeaways (click here). This demonstrated its ability to adapt to user needs and provide information clearly and concisely.

Despite its many strengths, it is essential to acknowledge the limitations of AI-driven tools like ChatGPT. The model highlighted the potential risks of using AI in financial services, such as providing incorrect or misleading information that could lead to poor decision-making. As users, we must remain vigilant and use AI-generated insights as a starting point for further research and validation rather than blindly relying on them.

My experience with ChatGPT proved the value AI-driven tools could bring to the financial services sector. By providing in-depth insights into complex topics, ChatGPT demonstrated its potential to serve as a valuable resource for individuals seeking to expand their understanding of finance. As AI technology advances, I believe that tools like ChatGPT will play an increasingly important role in shaping our understanding of the financial landscape and driving meaningful conversations around key issues. However, it is crucial to maintain a balanced perspective and recognize the limitations of AI-generated insights, using them as a foundation for further exploration and analysis.

So, can AI outperform a panel of Financial Services Experts? I would argue that AI is rapidly catching up and will soon outperform a panel of experts. The ongoing research, growth, and development in this field are paving the way for newer approaches to our work. I eagerly anticipate further developments in AI and am particularly excited about the showcase AI is set to present at the Singapore FinTech Festival.