These days customers engage with businesses online more than ever. With that in mind, fintech companies seek to level up their digital service while facing the challenges of customer support inefficiencies and escalating operational costs.
Advanced AI chatbots emerge as an up-to-date solution to this, helping businesses provide impeccable service at scale, enhance agent productivity and optimize operational costs.
Now, with recent strides in AI, building the chatbot with cutting-edge AI has become easier.
OpenAI’s stunning GPT models and similar are a perfect building block for building custom, fully functional conversational chatbots.
In this post, let’s briefly overview what it takes to build a custom GPT assistant for fintech and what value stands behind this solution.
Navigating modern fintech market landscape with GPT Assistant
With market players being in a fierce battle for the customer, impeccable digital service has become an obligatory requirement in today’s competitive fintech landscape. And the recent figures show it all best – 77% of companies see
customer service as a critical business priority, while 73% acknowledge that customer service directly impacts their business performance.
On top of that, providing customer support comes at a high cost, as it incurs payroll, office rental & maintenance costs and many other expenses that always go up.
Besides, traditional customer service approaches frequently fall short in delivering timely and efficient responses, leading to customer dissatisfaction and potential revenue loss.
- GPT to drive superb digital customer service
With the help of GPT-powered chatbot, businesses can build meaningful, contextually-aware interactions with customers and efficiently address their needs 24/7. Besides, it leverages outstanding conversational skills, and can understand human emotions making interactions seem more engaging and human-like. What’s more, gleaning data from previous interactions allows to personalize service at scale and uncover untapped upselling chances, as
73% of customers expect businesses to deliver personalized offerings.
- GPT to enhance operational efficiency
Businesses can employ GPT-driven assistants to tackle customer support inefficiencies, effectively respond to escalating costs and boost staff productivity. By automating first-line customer support, businesses can free up customer representatives’ time helping them refocus their efforts on more complex tasks. Besides, human intervention is not always reasonable, since a
substantial 40 % of tickets are repetitive and can easily be handled by AI in a cost-effective way with 24/7 availability for customers.
How it all works
Large language models, like GPT, make it easier to create smart AI chatbots for fintech businesses.
With an open API provided and a fine-tuning feature available, it is possible to connect and customize such a cutting-edge AI model to power up your business with an advanced AI assistant.
- Fine-tuning approach to reap double advantage
Put simply, fine-tuning is a technique employed to customize pre-trained models, such as OpenAI’s GPT, by training them with additional data.
This approach allows businesses to get the best of both worlds – make GPT responses relevant to their business and enhance its performance on specific use cases, while harnessing GPT’s existing knowledge capacity and impressive NLP capabilities that OpenAI has equipped it with. Due to this, such a smart AI helper doesn’t stand anywhere close to all those bots that fail to understand what you really need.
And what’s also noteworthy about fine-tuning is that it superchargers the security aspect of the GPT AI assistant.
That’s because a fine-tuned model becomes a private one, meaning that your data remains fully confidential and not exposed to public models.
Additionally, it is possible (and highly advisable) to put in place other security measures to the GPT AI assistant within your product to enhance its safety and resistance.
AI assistant implementation journey
Here’s a brief overview of essential steps you need to take to implement custom GPT AI assistant.
1. Business Case Analysis
First things first, businesses need to identify their objectives, and analyze the workflows to determine areas where an AI assistant can streamline processes and elevate customer experiences.
2. Data Collection and Training Set Preparation
Once the business case is defined, the next step businesses need to take is to gather relevant data and create a knowledge base that will be used to train and fine-tune the AI assistant. Later on, the collected data should be transformed into a suitable format for training the AI model.
3. GPT Fine-tuning
During fine-tuning, the model is adjusted and optimized using the prepared training set. As per the complexity of the domain and accuracy level, you might need to customize GPT for an extended period of time until you achieve optimal performance.
4. Integration process
Once the AI assistant is fine-tuned and tested, it can be integrated into the business application and other communication channels. To facilitate the communication between your custom GPT model and your product, focus efforts on developing the necessary APIs.
5. Forging Security measures
Conduct a thorough security testing of the GPT model to determine and mitigate potential vulnerabilities. Employ encryption and access controls, regularly auditing the system to ensure data privacy and alignment with regulatory requirements.
6. Monitoring and Refinement
After integration comes the continuous monitoring of the AI assistant’s performance. As per needs and user feedback, refinements and improvements are made to ensure that the AI assistant remains effective and aligned with business goals.
7. Human oversight and escalation paths
While custom GPT can cover multiple customer queries, it is essential to ensure human oversight and form escalation paths for issues that require human consideration.
8. Developing documentation and creating user guides
Document all essential information on your business integration of the OpenAI model for future reference, troubleshooting purposes, and seamless knowledge transfer. Also, don’t forget about users; create a concise user guide and make it easily accessible so that your customers can efficiently utilize the AI features.
Feasible GPT AI assistant use cases
GPT’s versatile applications encompass a multitude of tasks, from streamlining product inquiries and facilitating account management to providing personalized recommendations, and more.
Benefits of utilizing AI assistant powered by GPT
GPT-driven chatbot presents a number of benefits that enhance customer experiences and streamline business operations.
Final thoughts
Customers expect impeccable personalized digital service to be at their fingertips and demand businesses to deliver conveniences and innovate, as the fintech market landscape is broad and competitive, making service a key differentiator for the customer.
Fine-tuning stands as a potent tool helping businesses customize GPT with their data to fit specific needs of the organizations, and leverage its strengths without security and data privacy risks.
With its remarkable capabilities, GPT-powered chatbot becomes a powerful asset for fintech, covering a fairly broad scope of use cases – from product-related queries to account management, and more.
Such an AI assistant empowers companies to deliver outstanding human-like customer service that strengthens market position, spurs revenue and business growth. Not to mention, enhanced operational efficiency, boosted staff productivity and cost savings that companies can reap in between.
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- Source: https://www.finextra.com/blogposting/25204/unlocking-the-value-gpt-ai-assistant-for-fintech-customer-care?utm_medium=rssfinextra&utm_source=finextrablogs
