Insights from the Infinite Mind: Exploring the World of Chat GPT

28 Feb 2023

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Dear Reader, 

Let's talk about the app which took just 5 days to reach 1 million online users. We would call it FOMO if we don't hear or know about Chat GPT amongst our peers or colleagues, and our newsletter is no exception. For starters, when asked chat GPT to talk about itself it says, “I am ChatGPT, a language model developed by Open AI. I was trained on a vast corpus of text data, including books, articles, and websites, using deep learning algorithms to learn the structure and patterns of language. As a language model, my primary function is to generate human-like responses to natural language input. I am capable of answering a wide range of questions, from the trivial to the complex, and can engage in conversations on a variety of topics.”

According to Drift’s 2021 State of Conversational Marketing report, 74% of companies want to implement conversational Artificial Intelligence tools with machine learning abilities to streamline workflow and Chat GPT has opened its door to unlimited industry use cases. Applications can range from across usage by marketers for creative content copywriting, customer grievance bot for corporates, an alternate search engine for people who prefer conversational and single response, tutoring across in multiple languages, a virtual assistant by automating mundane tasks and many more.

The National Language Translation Mission of the Indian Government, Bhashini, is striving to develop a WhatsApp chatbot that utilizes Chat GPT technology to furnish information and respond to inquiries concerning significant government schemes. An approximate of 150 million farmers are expected to gain advantages from this endeavour. A comprehensive dataset sourced from the public is being established, which includes various Indian languages, allowing customers to use voice notes to ask questions effortlessly and receive responses in their native tongue.

While Chat GPT claims to give natural human-like responses, the bot cannot answer questions pertaining to recent developments because the knowledge data set is updated till 2021, which raises a question about the bot's accuracy. The question is also on the ownership of copyright of the response provided, which gives search engines an advantage since they provide citations. All said and done, this AI-powered language model has definitely been a head turner, catching the attention of tech giants such as Microsoft, Google, and Meta with its lightning-fast processing speed and uncanny ability to converse.

Highlights of #Issue 16 of FinTalk are:   

  • Home grown StartUp Stories: - Transcending Skill Development Training
  • UPI for NRIs: A game changing proposition for international remittances
  • RBI Grants In-Principle Authorisation To 32 Entities To Operate As Online Payment Aggregators
  • Meta rolling a new paid verification subscription service for Instagram and Facebook users
  • Alternative Financing - The next best alternative for Businesses

With Regards,   

Akhil Handa   

Chief Digital Officer

Bank of Baroda   


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