With the Arrival of New ChatGPT, Bank Employees Face Job Displacement

OpenAI has recently launched a specialised AI for the financial sector named ChatGPT for Financial Service. Developed in collaboration with banking giants Morgan Stanley and Evercore, the product is designed to perform corporate research, calculate financial data, and automatically compile investment reports.

All these functions and new capabilities have traditionally been the responsibility of bank staff, including fresh graduates, according to a report by CNBC International.

The product utilises OpenAI’s latest and most advanced artificial intelligence model, GPT-6 Astra. With these capabilities, the AI can directly extract financial data from official sources, such as corporate financial statements, shareholder meeting minutes, and stock price data. The AI then compiles comprehensive analyses and even creates neatly formatted presentation slides that meet banking standards.

For decades, the tasks of collecting data, comparing similar companies, preparing calculation tables, and creating investment offering presentations have been assigned to junior staff or analysts in banks. These employees often work up to 100 hours per week just to complete these routine tasks.

Now, the financial version of ChatGPT can perform all of this in minutes. The AI can identify companies for acquisition, pull financial figures directly from trusted data sources, compare stock prices, verify the accuracy of charts, and even explain why a company’s stock price has risen or fallen. All outputted data is accompanied by references so that its accuracy can be verified.

The biggest question arising is whether this artificial intelligence will replace the positions of thousands of fresh graduates who have long served as the backbone of major banks.

OpenAI’s Vice President of Product, Nick Turley, stated that the arrival of this AI is more akin to the introduction of Microsoft Excel decades ago. Excel did not eliminate the jobs of accountants, but rather enabled them to work faster and more effectively.

However, many parties realise that this change still brings significant impacts. If the tasks typically used to train the analytical skills of junior staff are now performed by machines, the next generation of bankers will lose the opportunity to learn and hone their thinking abilities.

Other banking entities have also warned that if the ability to reason and construct arguments is handed over entirely to machines, the quality of reasoning in the next generation may decline.

This financial version of ChatGPT represents a major step for OpenAI in entering the business customer market. Revenue from business customers has now surpassed revenue from regular users. Following this financial version, OpenAI plans to launch specialised AI versions for various other sectors beyond finance. This suggests that the wave of replacing routine tasks with artificial intelligence has only just begun.