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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 performed some tests, and while the approach is interesting, the information is, at current stage, partly completely misleading and could be a fake news danger. However, this Ai chatbot is already extremely useful for my hobby of finding CSS/HTML codes and much more convenient than Google. So, it’s not surprising that the US tech company Microsoft wants to get involved as soon as possible.

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.

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 2 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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