ChatGPT and Generative AI in Finance

The most recent advancement in artificial intelligence is ChatGPT, a Generative AI example that can sift through mountains of data to produce brand-new content on demand in textual and other multimedia formats (Adam, Wessel, Benlian 2021). Since its November 2022 introduction, this talking robot has grown to be among the fastest-growing IT applications in history, exceeding investors' and the general public's expectations for its economic significance. Many people think ChatGPT is the most important invention since the creation of the Internet and that it will completely change how society and business operate today. OpenAI, a research centre established in 2015 with the goal of ensuring that AI progress is advantageous to humanity, created ChatGPT.

By analysing data, each person's specific financial objectives, and their level of risk tolerance, ChatGPT can be used in wealth management to provide personalised investment recommendations (Lim et al., 2022). ChatGPT has the potential to help service representatives and customers in any knowledge-intensive business tasks, such as customer service, fraud detection, loan origination, wealth management compliance, financial planning, KYC and AML, customer onboarding, risk management, and virtual assistants for banking, according to Forbes.com. ChatGPT has the intelligence capability to answer customer questions.

More research is required to create new business strategies, models, methodologies, tools, and standards in order to realise the commercial potential of conversational AI technologies like ChatGPT in banking and finance (Yue et al. 2023). This special issue will act as the centre of discussion for all related research projects in this regard. We especially invite multidisciplinary and interdisciplinary entries that cover the different topics pertinent to technology, economy, and management in the field of OpenAI for finance. All theoretical and empirical (qualitative and quantitative) methods are valued equally.