How ChatGPT is transforming the educational and lending space

Generative Artificial Intelligence has broken onto the tech space with a disruption like never before, presenting a world of possibilities towards increased automation, superior problem solving, and revolutionary capabilities. Created by OpenAI, a San Francisco-based A.I. company, ChatGPT has percolated across domains, advancing human learning through providing a large scope of knowledge over topics like writing jokes, working computer code, along with exhibiting abilities to explain scientific concepts at multiple levels of difficulty. Its varied potential for application presents unique opportunities, and universities and institutions have begun using, or speculating over it. Education was forced to evolve with the onset of a global pandemic, as schools and universities shifted to online platforms to continue classroom activities, and EdTech platforms offered a range of upskilling courses and learning opportunities. Meanwhile, growth of India’s digital economy led to a robust growth in financial technology services, allowing new avenues for students, professionals, and millions of people access to formal credit. The advent of new-age technology such as the artificial intelligence chatbot, ChatGPT is now further advancing the education and lending space in a myriad way. Education ChatGPT’s impact on education can be revolutionary. By offering personalised and accessible learning experiences via its Natural Language Processing (NLP) capabilities, it can function as a virtual tutor, providing instant feedback, answering questions and aiding students in problem-solving, and also producing interactive and insightful conversations. This implies huge benefits that enhance student engagement, knowledge retention, while enabling customised learning pathways and experiences, catering specifically to the individual learning abilities of every different student. Simultaneously, ChatGPT can reduce workload for teachers by automating several processes, providing critical assistance in test grading, lesson planning, and much more. With a vast and varied knowledge base, ChatGPT’s ease of accessibility and ease of use can be leveraged to find solutions to challenges posed by India’s diverse population, bridging the gap and enabling access to educational resources in remote areas. Finance Limited access to formal credit has long been an obstacle in India’s pursuit of financial inclusion, but, on the back of digitalisation and technology adoption, FinTech platforms are playing a crucial role in enabling the population realise its financial goals. Quality credit has been the need for students at several different stages of their educational journey, and use of artificial intelligence in the lending space can have a massive impact. ChatGPT and other AI systems can streamline and expedite loan application processes, as more and more FinTech players offer unique financial products for emerging borrowers. ChatGPT’s human-like conversational abilities can be used to provide various services, such as those of a virtual loan officer to determine a customer’s creditworthiness, leading to better turnaround times for loan approvals. Accurate lending decisions are facilitated via ChatGPT’s capabilities to analyse vast amounts of financial data, and it can also consider complex factors including credit history, income, and purpose of borrowing. Valuable insights and risk assessments are also provided by the powerful chatbot, which can help lenders make informed decisions, reducing chances of default to render a more robust and sustainable credit ecosystem. Albeit the advantages, there are also limitations to the use of such an advanced generative artificial intelligence. It’s application by organisations and institutes is only viable when it ensures safe usage of the data in a secure manner, while mitigating biases which may be contained within its code. User acceptance and trust will also play a key role in future adoption of technologies such as ChatGPT. Other limitations include ChatGPT’s data base, which is limited to information available on the internet till December 2022. But one thing is clear, the future is AI, and technologies such as ChatGPT are here to make a significant impact on the lives of millions of people. The author is Founder, Kuhoo Fintech. Views expressed are personal. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.