A lot has been made of this latest wonder of the world in OpenAI’s ChatGPT since its rollout in November 2022. In just two months, the system gained 100 million users with roughly 13 million active users per day. While some professional fields have raised concerns about its use (i.e., academic, legal, others), the marketing and communications profession have jumped ahead of the bandwagon and is now actively pulling it along at breakneck speeds.
Similar technology has been around for some time, but it never worked like this. Other programs were fun, but almost never used again and left you thinking we were on the verge of something significant. I can attest that using ChatGPT for just a few minutes left me believing we have arrived at some sort of Stanley Kubrick inspired monolithic moment. I have already used this tool in ways I never thought possible on a daily basis.
I was looking for someone to write an article on how bank marketers can use ChatGPT to help their cause. However most “experts” were still just speculating on the potential usage, so I decided to go to straight to the source.
Here is my interview with OpenAI’s ChatGPT, which stands for “Conversational Generative Pre-trained Transformer.”
What is ChatGPT?
ChatGPT: ChatGPT is a language model developed by OpenAI that has the ability to process and generate natural language. Overall, ChatGPT is a tool that helps users access information and get answers to their questions quickly and easily.
What do you know about banking?
ChatGPT: Banking is the business of managing money. Banks are financial institutions that provide a variety of services related to money, such as accepting deposits, making loans, and providing payment services like checks and debit cards. People use banks to keep their money safe, borrow money for things like buying a house or car, and invest their money for the future. Banks earn money by charging interest on loans and other services they provide, and by investing the money deposited with them. Overall, banking is a crucial part of modern life and an essential component of the global economy.
What are some of the challenges banks face?
ChatGPT: The banking industry faces various challenges, including keeping up with rapidly changing technology, managing regulatory compliance, cybersecurity risks, and changing customer expectations. Adapting to new forms of digital banking, complying with regulations, investing in cybersecurity, and delivering excellent customer service are essential for banks to remain competitive and successful.
How can banks use ChatGPT?
ChatGPT: By implementing ChatGPT, banks can provide personalized support to customers, automate routine tasks, and improve the overall customer experience. ChatGPT can also help banks to understand and predict customer behavior, manage risk more effectively, and provide insights for marketing and product development.
What are some advantages to using ChatGPT?
ChatGPT: Overall, ChatGPT is a versatile and powerful tool that can provide many benefits to the banking industry, including scalability, personalization, cost savings, efficiency, consistency, multilingual support, and continuous learning. With proper implementation and maintenance, ChatGPT can help banks to provide better services to their customers and stay competitive in the rapidly evolving financial landscape.
Are there any disadvantages?
ChatGPT: Some potential disadvantages to using ChatGPT [include] the lack of empathy and understanding that human interactions provide, the possibility of misinterpretation, and security risks. These potential drawbacks should be considered when implementing ChatGPT, and appropriate measures should be taken to mitigate any risks.
Give me a promotion for a bank’s grand opening in Midland, Texas?
ChatGPT: Sure, here’s a potential promotion for a bank’s grand opening in Midland, Texas:
“Join us for the Grand Opening of our newest branch in Midland, Texas! To celebrate, we’re offering a special promotion for new customers who open a checking account during the grand opening event.
New customers who open a checking account will receive a $100 bonus and will also be entered into a drawing to win a grand prize of $500!
But that’s not all — we’ll also have free refreshments, giveaways and special appearances from local celebrities throughout the day. Plus, our friendly staff will be on hand to answer any questions you have about our products and services.
Don’t miss out on this exciting event — mark your calendars and come join us for the grand opening of our new Midland branch!”
This ChatGPT-generated promotion offers a strong incentive for new customers to open an account during the grand opening event, with the chance to win a significant prize and receive a bonus for doing so. The promotion also highlights the community aspect of the event, with free refreshments and special appearances from local celebrities to draw in a crowd.
Overall, this promotion aims to generate excitement and interest in the new branch opening while also driving new customer acquisition.
Use ChatGPT as a tool
If you are on the fence, don’t sit there too long. This technology is amazing and getting better daily. However, don’t expect it to do your job or generate a million dollar get quick scheme. This is a tool, just like a calculator. In some hands it can solve the most complex mathematical problems, in others it’s an opportunity to type 58008 to share a cheap laugh with their friends.
As far as marketing and messaging is concerned, ChatGPT is as good a tool as it gets, but it still needs a marketing or communication professional to make it work.