Many traders say AI chatbot provides outdated information, takes time to check reality
- Tram Ho
Like many people, some traders in the financial markets are turning to ChatGPT to ease their workload. But the results do not seem to be as expected when many people say they are having difficulty using this artificial intelligence tool.
According to a new Bloomberg report, merchants have said that they have used OpenAI’s chatbot to support their work. But very quickly, they found it had some serious limitations. For example, they have to spend a lot of time checking the facts and removing outdated information.
Initially, ChatGPT showed it could have a number of applications for companies in the financial markets, from providing an overview of investment strategies to providing stock options.
But some banks like JPMorgan were quick to ban ChatGPT over concerns that sharing sensitive financial information with the tool would raise alarm bells from regulators. Wall Street banks like Citigroup and Goldman Sachs have also reportedly blocked the use of the tool as part of automated restrictions on third-party software.
As for traders, the bigger problem with ChatGPT is accuracy. It looked like they were trying to use the tool to cut down on the tedious tasks they usually had to do, but checking the accuracy of the information that ChatGPT produced turned out to be more time consuming for them.
According to Bloomberg , an oil trader noticed a lot of outdated information in a report on the crude market outlook written by ChatGPT. Meanwhile, one banker found it had aggregated customer overview information in too short a time, causing him to spend time cross-checking everything afterwards.
“When we talk about high-precision tasks, it is worth mentioning that ChatGPT is sometimes hallucinating and can produce answers that seem convincing but are actually wrong,” the analysts said. of Morgan Stanley said.
“At this stage, it is best practice for users to use AI applications only as a supplement to the existing workforce, rather than as a complete replacement,” they added.
A January study by Arizona State University also found that ChatGPT was quite poor in math, scoring less than 60% correctly on a test of 1,000 word problems.
Despite the potential limitations with this tool, Wall Street hopes to see a shift away from AI technology. More than 50% of traders believe that AI will be the technology with the biggest influence on future trades, according to a recent survey by JPMorgan. This number has doubled from the same survey conducted the previous year.
Consult Business Insider
Source : Genk