Google, founded in 1998, quickly gained popularity and overtook the then-leading search engine AltaVista in the 2000s. This remarkable success is due to Google’s better technology and usability, which were unconditionally supported by the extensive use of the PageRank algorithm and a simple and intuitive user interface. These factors have undoubtedly contributed to google instantly becoming the leading search engine and holding an unchallenged position, despite the efforts of Microsoft.
ChatGPT is not an imminent threat to Google Search. ChatGPT is a language model that provides quick and (mostly) accurate answers to questions. Conversely, Google is a relatively rigid search engine that allows users to find information. This difference is how ChatGPT notes it and continually praises Google as the leading search engine. It remains to be seen how ChatGPT will react to Google bard.
However, we will increasingly rely on intelligent chatbots for specific queries, and with solutions like ChatGPT, Internet user behaviour will progressively change. I also don’t recognize why it would be desirable to merge the two solutions. Artificial intelligence chatbots are a new internet usage dimension in our daily life.
Tailoring Solutions for Client
The more I think about it, the closer the parallels between private banks and independent wealth managers become. Banks often give straightforward, Google-like answers. In contrast, independent wealth managers act like chatbots, offering a broader, product-neutral platform while praising the banks’ platform services. Wealth managers gather insights from specialized service providers and filter this information impartially for their wealthy clients.
Ultimately, it comes down to specific needs and requirements to decide which resource best covers the benefits, and often a mix is a suitable solution. But the longer you are in business as a private banker and want to grasp a higher wallet share, the more open and versatile your answers to the client need to be.
Source: LinkedIn
