Table 1.

Functions of ChatGPT.

Function	Description	Example
A) Understanding the dynamics of the financial market	ChatGPT is used to classify financial news and perform text-based and social media-based analyses to gain insights into the financial market	Identifying trends and predicting future market movements based on news articles and social media posts
B) Customer service	ChatGPT can be trained to interact with customers and answer their questions about various financial products and services	Providing information on banking hours, loan terms, and suggesting financial products
C) Named entity recognition	ChatGPT can extract and understand large amounts of financial information from unstructured texts	Identifying names of companies, people, and financial products mentioned in a news article
D) Generating financial summaries, reports, and forecasting outcomes	ChatGPT can generate financial summaries, reports, and predict financial outcomes	Generating a financial report that summarizes a company's performance in the previous quarter
E) Personalized investment recommendations	ChatGPT can make personalized investment recommendations based on the financial objective and risk-preferences of individuals	Recommending a diversified portfolio for a customer with a low-risk tolerance
F) Fraud detection and prevention	ChatGPT can be trained for fraud detection and prevention	Analyzing customer data and financial transactions to detect fraudulent activity