ChatGPT in finance: Applications, challenges, and solutions
The emergence of ChatGPT, a generative artificial intelligence tool, has sparked a revolution in the finance industry, enabling individuals to interact with technology in natural language. However, the use of ChatGPT in finance presents a profound array of ethical considerations that demand careful...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Elsevier
2024-01-01
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| Series: | Heliyon |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2405844024009216 |
| _version_ | 1827360823807311872 |
|---|---|
| author | Muhammad Salar Khan Hamza Umer |
| author_facet | Muhammad Salar Khan Hamza Umer |
| author_sort | Muhammad Salar Khan |
| collection | DOAJ |
| description | The emergence of ChatGPT, a generative artificial intelligence tool, has sparked a revolution in the finance industry, enabling individuals to interact with technology in natural language. However, the use of ChatGPT in finance presents a profound array of ethical considerations that demand careful scrutiny to ensure its responsible and ethical use. After a concise exploration of ChatGPT's applications in finance, this policy article delves into the ethical challenges arising from the use of ChatGPT in finance, including outcomes contaminated with biases, incorporation of fake information in the financial decisions, concerns surrounding privacy and security, lack of transparency and accountability in the decision-making processes and financial services, human job displacement, and the intricate web of legal complexities. Our article asserts that financial institutions employing ChatGPT must proactively devise strategies to confront these burgeoning challenges, mitigating their adverse effects on both individuals and society as a whole. Additionally, we propose relevant policies to tackle these ethical quandaries head-on. In essence, this article illuminates the imperative need for a meticulous ethical framework, facilitating an informed and responsible use of ChatGPT in the realm of finance, safeguarding the welfare of individuals and society. While our work significantly contributes to the research and practice of finance, we also identify future research avenues. |
| first_indexed | 2024-03-08T06:54:00Z |
| format | Article |
| id | doaj.art-60b58154d0a84c82ba35d0ec25435a32 |
| institution | Directory Open Access Journal |
| issn | 2405-8440 |
| language | English |
| last_indexed | 2024-03-08T06:54:00Z |
| publishDate | 2024-01-01 |
| publisher | Elsevier |
| record_format | Article |
| series | Heliyon |
| spelling | doaj.art-60b58154d0a84c82ba35d0ec25435a322024-02-03T06:38:40ZengElsevierHeliyon2405-84402024-01-01102e24890ChatGPT in finance: Applications, challenges, and solutionsMuhammad Salar Khan0Hamza Umer1Schar School of Policy and Government, George Mason University, USA; Corresponding author.Hitotsubashi Institute for Advanced Study (HIAS), Institute of Economic Research (IER), Hitotsubashi University, JapanThe emergence of ChatGPT, a generative artificial intelligence tool, has sparked a revolution in the finance industry, enabling individuals to interact with technology in natural language. However, the use of ChatGPT in finance presents a profound array of ethical considerations that demand careful scrutiny to ensure its responsible and ethical use. After a concise exploration of ChatGPT's applications in finance, this policy article delves into the ethical challenges arising from the use of ChatGPT in finance, including outcomes contaminated with biases, incorporation of fake information in the financial decisions, concerns surrounding privacy and security, lack of transparency and accountability in the decision-making processes and financial services, human job displacement, and the intricate web of legal complexities. Our article asserts that financial institutions employing ChatGPT must proactively devise strategies to confront these burgeoning challenges, mitigating their adverse effects on both individuals and society as a whole. Additionally, we propose relevant policies to tackle these ethical quandaries head-on. In essence, this article illuminates the imperative need for a meticulous ethical framework, facilitating an informed and responsible use of ChatGPT in the realm of finance, safeguarding the welfare of individuals and society. While our work significantly contributes to the research and practice of finance, we also identify future research avenues.http://www.sciencedirect.com/science/article/pii/S2405844024009216G00G10G18G20O31 |
| spellingShingle | Muhammad Salar Khan Hamza Umer ChatGPT in finance: Applications, challenges, and solutions Heliyon G00 G10 G18 G20 O31 |
| title | ChatGPT in finance: Applications, challenges, and solutions |
| title_full | ChatGPT in finance: Applications, challenges, and solutions |
| title_fullStr | ChatGPT in finance: Applications, challenges, and solutions |
| title_full_unstemmed | ChatGPT in finance: Applications, challenges, and solutions |
| title_short | ChatGPT in finance: Applications, challenges, and solutions |
| title_sort | chatgpt in finance applications challenges and solutions |
| topic | G00 G10 G18 G20 O31 |
| url | http://www.sciencedirect.com/science/article/pii/S2405844024009216 |
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