"I, Robot" Meets Wall Street
ChatGPT's Role in Finance
Antoinette Rodriguez, MBA
May 06, 2024
“I,Robot” Meets Wall Street
In Isaac Asimov's visionary science fiction collection, "I, Robot," readers are transported to a future where sophisticated robots, imbued with artificial intelligence (AI), are woven into the fabric of human society. The stories, anchored by the Three Laws of Robotics, delve into the intricate relationships between humans and their robotic counterparts, illuminating the potential advantages and ethical challenges that arise from such advanced technologies. As we step into the present, we find ourselves at a juncture remarkably similar to Asimov's prophetic vision, especially in the realm of finance, where cutting-edge AI tools like ChatGPT, a large language model trained by OpenAI, are already revolutionizing the industry.
The Asimovian Vision and Modern Financial AI
Asimov’s portrayal of AI, through his meticulously crafted laws, aims to prevent robots from harming humans, to obey humans unless such orders conflict with the First Law, and to protect their own existence as long as such protection does not conflict with the first two laws. This framework resonates deeply with the modern deployment of AI in finance, where the overarching goal is to augment human capabilities and safeguard interests without overstepping ethical boundaries.
Caveat: As with all things in SEC and FINRA regulated spaces, all financial and other client-focused actions should be approved by your firm. You should never feel confident that information you enter into AI tools is secure. Firms like Morgan Stanley are becoming more open to AI by creating closed systems with their own data. More on that later.
Customer Service Automation
ChatGPT, like Asimov’s robots, is designed to serve. In the finance sector, this service orientation takes the form of customer service automation. Chatbots and virtual assistants equipped with capabilities similar to ChatGPT can handle inquiries about account details, transactions, and services with unprecedented efficiency. This not only enhances customer experience through reduced wait times and round-the-clock support but also echoes Asimov’s vision where robots are integral in managing mundane tasks, thereby allowing humans to engage in more complex decision-making processes.