16Dec2024

ChatGPT vs Google: A New Era in AI Chatbots and its Potential for Wealth Managers

Disclaimer: The views and opinions expressed in the vapa Swiss independent wealth management blog posts featured on this page are solely my own and do not necessarily represent the views of any institutions or organisations I may be associated with. These posts are intended to share personal insights and perspectives and should not be interpreted as official statements or positions of any affiliated entities.

ChatGPT is the prototype of a chatbot, i.e. a text-based dialogue system as a user interface based on artificial intelligence. ChatGPT is currently seen as a competitor for the Google search engine.

I have run some tests, and while the approach is intriguing, the information can sometimes be misleading, posing a potential fake news risk. However, this AI chatbot proves incredibly useful for my hobby of finding CSS/HTML codes. It’s much more convenient than using Google, saving me time and effort. Given its potential, it’s no surprise that Microsoft, the US tech giant, wants to get involved quickly. They see the value and are eager to capitalise on it.

It is encouraging to see that this AI chatbot is already reasonably accurate in reflecting independent wealth managers. It could be beneficial for our industry to offer clients a round-the-clock limited service like other providers in customer service sectors.

Own AI Chatbots experience

For instance, I checked my TV channel subscriptions late evening with the cable provider and received precise answers on the included channels based on the various packages. To my surprise, the answers came back at lightning speed. My ultimate question about applying the adapted subscription to a second home suddenly caused increasing response time. On enquiring, I was informed that a bot has been serving me the last five minutes… 😄

During the research preview, usage of ChatGPT is free. Evaluate it now at chat.openai.com. The answers are surprising but remember to employ it like a natural conversation rather than only just entering a search string.

Source: LinkedIn

Rating: 4.00/5. From 5 votes.
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Illustration depicting the contrast and comparison between ChatGPT and Google in the context of wealth management.

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