The Role of Artificial Intelligence in Finance: The Case of ChatGPT
March 29th, 2023 (GMT+1)
Cardiff Business School
Arman Eshraghi is a Professor of Finance and Chair of Finance and Investment at Cardiff Business School, UK. His academic research spans finance, accounting and psychology with interests including behavioural finance, financial technology and corporate governance. His work is published in some of the leading journals of the field, cited in the media including the Financial Times, Washington Post, Harvard Business Review, Forbes and Bloomberg, and contributed to handbooks published by Cambridge University, Wiley, Springer and Routledge. Professor Eshraghi is an Editor of International Review of Economics and Finance, Senior Editor of Finance Research Letters, Shimomura Fellow of the Development Bank of Japan, Fellow of the Centre for the Study of Decision-Making Uncertainty at UCL, Fellow of the Higher Education Academy, Director of the Cardiff Fintech Research Group, and an Advisory Board Member of Fintech Wales. He has advised several UK financial services firms in recent years.
This Workshop will examine the financial impact of recent advances in artificial intelligence by zooming in on the recent case study of Open AI's ChatGPT, and then investigate as well as speculate on the applications of this emerging technology in finance research and scholarship. In general, AI is particularly helpful in finance as it can help predict and assess financial risks, among others. For companies looking to increase their value, AI and ML can help improve customer service, loan underwriting and identification and mitigation of business risks. While such applications have been studied by researchers in recent years, the case of ChatGPT seems different and its public appeal suggests that its potential to be used by financial researchers, investors and even fraudsters can be considerable.
Goal / Rationale:
We will examine the potential of ChatGPT and Open and interpretable AI in general to provide such benefits as 1) enabling frictionless, 24/7 customer interactions; 2) reducing the need for repetitive work such as financial data entry; 3) lowering false positives and human error; 4) providing real-time textual and sentiment analysis of financial discourse, among others. We will also examine if ChatGPT and its future versions will be able to help researchers in their hypothesis generation and empirical testing of such hypotheses. Can this technology help researchers make sense of unstructured data and create insights that are otherwise time-consuming and challenging for humans to infer?
Scope and Information for Participants:
The participants will understand the differences between artificial intelligence, machine learning and deep learning and explore some of the applications of AI in finance. There will be discussions on regulating AI and the challenges that exist in doing so. Most of the workshop will focus on the latest Open AI resource introduced to the public known as ChatGPT. Some of the themes we will address in the workshop include implications of ChatGPT and similar technologies for the finance sector as well as for universities and academic doing research in finance, economics, accounting and related business subjects. The Workshop will be interactive in nature and allow space for conversations and new research questions to develop.
Artificial intelligence (AI) is rapidly transforming the financial services industry. AI is being used to automate tasks, improve decision-making, and detect fraud. The benefits of using AI in finance include: 1) Increased efficiency: AI can automate many tasks that are currently done manually, freeing up employees to focus on more strategic work. 2) Improved accuracy: AI can make more accurate predictions and decisions than humans, thanks to its ability to process large amounts of data quickly and efficiently. 3) Reduced risk: AI can help financial institutions identify and mitigate risks, such as fraud and market volatility. 4) Enhanced customer experience: AI can provide customers with personalized and timely service, which can lead to increased loyalty and satisfaction. Overall, AI has the potential to revolutionize the financial services industry. By automating tasks, improving decision-making, and reducing risk, AI can help financial institutions save money, improve efficiency, and provide better service to their customers. In this workshop, we covered some of these issues with respect to the academic finance discipline and the growing use of popular generative AI tools such as Chat GPT and Bard for academic research.
Cardiff Business School, Aberconway Building, Colum Drive, Cardiff CF10 3EU
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