The advancements we are seeing in technological developments are on a steep upward slope especially in the world of Artificial Intelligence. Artificial intelligence is being used across all areas of Finance at various levels and can now streamline tasks and processes to improve efficiency, reduce costs, and enhance decision making processes. This can include; automation, investment management, risk assessments, customer services and even complex finance queries.
AI is partially useful for people in Finance who handle financial data e.g. financial analysts. AI is known for its great machine-learning capabilities to identify trends and patterns not visible to the human eye and can handle financial tasks such as checking account balances, making payments and tracking investments.
The latest big trend in the AI world is Chat GPT; a Generative Pre-Trained Transformed chat box that uses a large language model and scrapes the internet for its sources, leading to an intuitive conversation. However, we don’t need to worry about Chat GPT taking over the world of Finance. Although it can certainly streamline processes, improve customer service and make more informed decisions, it has its limitations.
The information it holds is generic, scraped from the web and only runs up to 2021 meaning it can’t make informed decisions on the most recent trends in the economy and across Finance. It’s response will often be nonsensical or false as a consequence as it has no real knowledge.
In the world of Finance, it has a lack of technical and commercial awareness, it couldn’t offer independent analysis, and certainly can’t compete with human emotional intelligence, ethical judgement, and the confidential data it might need to make critical informed decisions.
How will it affect Finance Recruitment?
The main thing that Chat GPT can do for Recruitment is automate manual and menial tasks and streamline processes. It could analyse CVs and job descriptions, identify relevant skills and experiences and even rank candidates if you asked it too. It can also support the communication process of recruitment and tailor messages that would attract top talent and keep engagement high for passive and current candidate networks.
We wanted to see for ourselves what Chat GPT could do, so I asked how Chat GPT might affect finance recruitment. Other than streamlining and automating processes - here was its response;
Chat GPT is not a substitute for human interaction and expertise. The finance industry values, soft skills and cultural fit, which cannot be measured solely through automated screening processes. Therefore, while Chat GPT can be a useful tool, it should not be used as a replacement for human recruiters – Automated response from Chat GPT
In summary:
Although Chat GPT can be used to elevate efficiency or automate certain tasks in the Finance Industry, it is not accurate when generating its own analysis/data and therefore is not a suitable alternative for most things. With lack of human traits such as common sense, general knowledge, or abilities to reason, hypothesise or conceptualise it can’t replicate the human touch or produce accurate reasoning or responses
Our final thoughts... Although Chat GPT is a useful tool, it should be used alongside human expertise as a helpful hand and should not and won’t replace anything. We don’t plan to use Chat GPT at IN2 Consult however we do use AI and Automation to add streamlined and effective, yet still personal touch, to our processes. This lets us build a strong and continuous relationship with both our clients and candidates where we can stay connected and engaged through all steps of their journey.