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How GPT Understands, Adapts, and Transforms Banking Processes and CX

by Jason Dzamba - October 2, 2023

What do GPT, temperature, and customer experience have in common? For IT folks and developers building integrations with GPT, the “temperature” setting is the big thing, but how does it work for better data outputs?

The capabilities of AI are finally in a form that business users can experience. Banks can extract valuable data from documents with a simple upload and then add it to their everyday operations, which can elevate customer experiences.

Let’s dive into the intricacies of GPT’s functionalities, its implications for banking processes, and how it will impact CX.

GPT: A Digital Intern for Your Business Processes

GPT understands the context of what an input field is and why it’s looking for an input field by analyzing patterns like name, colon, and then data. However, it falls short when grasping the broader context that human operators inherently understand.

It doesn’t comprehend your business processes or the nuanced requirements of your tasks. In essence, you can think of GPT as an AI intern, always eager to assist, but it still needs specific instructions from someone who understands the context of banking operations at your bank.

Explicit Instructions Followed

GPT operates based on a set of predefined steps or instructions. If you ask it to extract information from a document, it will follow those steps to the letter and return the data verbatim. Because of this, it lacks the adaptability needed for nuanced tasks—but this can be corrected with bot automation and adding a person to verify steps within the process.

Data Extraction

If you handed an intern a complex document, they would diligently transcribe all important information. This is how GPT extracts data from documents. This process is highly pattern-driven, and GPT excels at it. However, like an intern, it might not always understand the subtle nuances of the data, such as the specific location of a fax number, or which data to omit.

Refining Outputs

GPT tends to be overly inclusive. It gathers more information than needed, copying down everything it “sees.” This can be both an advantage and a challenge. While it ensures comprehensive data extraction, refining the output requires additional processing.

You may want 10 data points from a bank statement, but out of the box, it extracts everything. Configuring a template to gather the needed points from similar documents solves this issue.

Customization and Validation

To harness GPT effectively, developers often need to add custom code to trim or refine the extracted data. For instance, if a phone number is extracted along with unwanted characters, a simple code function can clean it up. Additionally, developers can instruct GPT to adhere to specific formats, such as extracting only ten-digit phone numbers.

Deterministic Outputs

One feature of GPT is its ability to provide deterministic outputs. By setting parameters like temperature to zero, GPT will consistently follow the same predefined route when processing data. This is invaluable in scenarios where variation is undesirable, such as in compliance.

GPT can assist by ensuring that data extracted from documents adheres to regulatory requirements. This minimizes non-compliance risks and enhances overall data accuracy, empowering banks to make informed decisions confidently.

Temperatures and Determinism

Temperatures in GPT serve as a control mechanism. Higher temperatures introduce randomness, which can be beneficial for creative tasks like generating diverse haikus. In contrast, a temperature of zero ensures that GPT’s responses remain consistent, making it a reliable tool for getting determined outputs with no variation.

Creativity vs. Determinism

While creativity is a valued trait, it’s not always suitable for business processes that demand uniformity. GPT allows businesses to strike a balance by customizing its behavior. You can ensure GPT operates precisely and consistently by specifying formats and enforcing strict criteria.

Ensuring Consistency and Accuracy

Maintaining consistency and accuracy in deposit handling and tax ID verification is crucial for banks. GPT’s deterministic behavior, when needed, can provide a dependable solution for these tasks. Thanks to the temperature feature, banks can rely on GPT to consistently follow predefined business rules without introducing variations.

Revolutionizing Customer Experience (CX)

In the banking sector, where data accuracy and customer satisfaction are paramount, GPT and automation technologies are making a significant impact. They enable banks to accurately extract, validate, and process data. Naturally, process improvement like these leads to faster response times, improved customer experiences, and a more comprehensive view of customer transactions.

The Future of Automation and AI

As AI and automation technologies like GPT evolve, the possibilities for enhancing efficiency and customer experiences are limitless. The future of banking and various other industries lies in seamlessly integrating these technologies to achieve operational excellence.

GPT is a powerful tool. By understanding its capabilities, harnessing its determinism, and customizing its behavior, businesses, including banks, can unlock new levels of efficiency and accuracy. GPT is not just a chatbot; it’s a transformative force in the world of automation.

Ready to streamline your banking operations? Reach out to Fintech team to learn how similar firms are using this technology.

About Jason Dzamba

Director of Media Relations, Productivity Strategist, and Host of Inside the Bot Podcast, Jason uses a process-driven approach to help leaders optimize their actions and achieve their most important business objectives. His creative outlet is painting abstract art and producing music. He lives in Orlando, Florida, with his three kids.