ChatGPT For Financial Services & Fintech Marketing
Here’s a replay of Samantha Russell, Nicole Casperson, and Brian Hart’s LinkedIn Live event providing an exclusive look into the world of ChatGPT and how it is revolutionizing the marketing landscape in financial services and fintech.
Content Creation with AI-powered Chatbots
Casperson covers content creation in the fintech industry, and she admits she uses AI. But she doesn’t use it to write. She uses bearly.ai, otter.ai, and Grammarly more than anything else. Casperson says AI is a great brainstorming tool. It’s good for expanding topics and finding counterarguments.
Russell agrees with Casperson and acknowledges that ChatGPT is great for headlines. She notes that she can insert content to get an AI-generated headline and ask it to edit the headline to include emojis or character limits. Prompting AI for exactly what you want is everything.
“The headline capability is really dope,” agreed Casperson. But she also noted some shortfalls.
Where ChatGPT and AI Chatbots Fall Short
The biggest shortfall for AI Chatbots like ChatGPT is accuracy. Casperson says AI simply isn’t mature enough to be accurate.
“It’s dicey. I have to make sure I’m paying attention to all of the facts that it’s claiming,” said Casperson.
Hart agreed and said, “It’s not a replacement for human writing. It is a tool to enhance content creation capabilities and the volume and consistency that you can operate those from.”
The other disadvantage of AI chatbots include old information that is inaccurate, which can be vital in the financial regulatory environment.
AI can also “hallucinate.” It will fill in answers with random results if it doesn’t have the information. But it won’t indicate that it doesn’t have the answer, so you cannot tell when its answers are reliable.
These shortfalls are why no participants in the event think AI chatbots will replace humans anytime soon.
ChatGPT and AI in Fintech
Russell acknowledges that the number one marketing tool for financial advisors is referrals, but number two is often organic traffic to SEO content.
However, Casperson and Russell agree that AI isn’t capable of producing the personalized social media videos and podcasts that Gen Z is looking for. Russell says that 40% of Gen Z uses TikTok or IG for searches. They aren’t going to Google, at least not as often.
“People want to visually be immersed in what the results are,” said Russell. She noted that changes in media use go beyond AI and include the public’s general use.
Is AI a replacement for financial advice? Not really. Casperson says AI chatbots quickly make her want to speak to a human.
Russell notes the similarities and increased capabilities of programs like TurboTax and how many people forego going to a CPA for tax filing as a result of technology.
“For a non-complicated situation, it works fine,” she said.
Hart also noted a practical application of AI that turned out to be a huge timesaver. He asked AI to generate a list of 50 personal finance writers, complete with emails and outlets. It took the program 10 seconds, while it would have taken a person 10 hours.
“It was good. It was precise,” said Hart.
I turns out that there are other financial applications for ChatGPT and similar AI-powered chatbots.
Microsoft vs. Google AI Arms Race
The LinkedIn Live event pivoted to discussing the overall race to be the AI superpower. Hart noted that most people didn’t think Bing would make a comeback, but it has.
Bing’s return is due to Microsoft’s tools and apps, many of which are used in the financial services industry. The Microsoft 365 Suite and Edge give Microsoft a competitive advantage. People can search internal and external files with the Microsoft search engine. Of course, this also brings security threats.
Russell referenced a Business Insider article that tested ChatGPT against Bing. ChatGPT tested better in summarization, but Bing tested better in general knowledge, budgeting, and planning.
But Casperson noted that Bing is “argumentative and sassy.” She is concerned about the level of maturity in AI conception.
“Algorithms do end up being just as bias as anyone else depending on who is actually creating them,” she said.
AI Replacing Financial Advisors? Not likely.
The LinkedIn Live event concluded that AI is a great tool, but it’s not replacing humans any time soon.
“It’s the less fun and sexy narrative, but it’s the reality,” said Casperson. She hasn’t asked ChatGPT for financial advice, but she hopes people won’t rely on it.
Russell agrees but notes that with increased use, AI tools will get better and become more useful. She says it is currently a great tool for content creation and social media promotional copywriting.
When it comes to financial advice, AI is helpful, but it isn’t a human replacement at this stage in the game.
Samantha Russell is the Chief Evangelist at FMG Suite, a leading all-in-one financial advisor marketing platform, and her industry recognition includes InvestmentNews’ 40 Under 40, WealthManagement.com’s “10 to Watch” and ThinkAdvisor’s Luminary Awards.
Nicole Casperson is the founder of Fintech Is Femme with over 50,000 newsletter subscribers, and she recently earned recognition on the 2022 Inspiring Females in Fintech list by NYC FinTech Women.
Brian Hart is the founder and president of Flackable, a financial services public relations and credibility marketing agency, and his professional recognition includes Bulldog Reporter‘s Silver PR Star Under 40 and PRNEWS’ Agency Elite Top 100.
Flackable is an award-winning public relations agency representing financial and professional service brands nationwide. To learn more about Flackable, please visit flackable.com.