Credit Suisse Report On ChatGPT Part 1: Industries Set to Benefit from ChatGPT
The opportunities to improve productivity in the information technology, education, government, and business services industries seem clear. In other industries such as healthcare, materials, and industrials, ChatGPT may not be a needle mover today or even in the next 12 months, but AI and LLMs will eventually have an impact.
Information Technology Industry
The information technology industry includes the software, internet, IT hardware, networking equipment, and semiconductor sectors.
Given that ChatGPT is a virtual platform, the two sectors likely to see the most use cases are the software and internet sectors, but other sectors within IT can see benefits as well.
Key ChatGPT Use Cases in Business Services
Increasing sales productivity: Sales reps will be able to generate marketing content and formulate outreach messages more efficiently.
Increasing innovation: Develop new products faster as the development process is shortened to modifying ChatGPT-written code as opposed to writing from inception.
Customer service: ChatGPT chatbots or virtual assistants can answer inquiries, provide recommendations, and help place orders reducing workload on customer service
representatives.
Automation of more routine tasks: Conditioning GPT-3 models to replicate language-based tasks such as summarizing large amounts of financial data [FDS, TRI], or
automating routine tasks.
Data analysis: By analyzing large amounts of complex data to identify trends and patterns that might not be readily apparent, we can extract insights and make the process more efficient.
Key ChatGPT use cases: Financial Services Part 1
Extract Financial Information: Users can extract information from documents to quickly analyze and process customer inquiries and generate summary financial reports.
Introductory Analysis for Bankers: Financial service professionals can use ChatGPT for initial overviews of company business models and for recaps of earnings calls
and other important events.
High-Level Financial Advisory: ChatGPT provides simplistic financial advice to a broader range of customers, impacting advisory services.
Simplifying Financial Calculations for Consumers: End consumers can use ChatGPT to conduct financial calculations conversationally, thereby enhancing their ability to inform their decision-making processes.
Education
Modern technology adoption across the education industry is challenging traditional classroom models, and we believe ChatGPT is a catalyst that will further unlock the future of learning as educators increasingly look to embrace advanced digital learning capabilities and offer more learning pathways for students.
AI Use Cases Beyond ChatGPT in the IT Industry
Robot-Driven Application Development: application development with robots to interact with customers (chatbots) or automate tasks.
Client Resource Management Enhancement: Salesforce is developing EinsteinGPT, a suite of AI-powered features designed to enhance
customer engagement and business process automation.
Analytics: Optimize predictive analytics with AI that can provide intelligence before it is needed to make critical or operational decisions, among other conclusions.
Autonomous Systems: Create autonomous systems that can perform tasks without human intervention (self-driving cars/drones, kitchen robots, etc.).
Key ChatGPT use cases in Education
Administrative Support: Teachers can automate time-sensitive workflows for creating curriculum, lesson plans, homework, grading, attendance, etc.
Richer Engagement: ChatGPT and generative AI offer an opportunity to continuously redefine and supplement the
traditional engagement model.
Improving Access and Equity: ChatGPT could be used to serve populations with limited access to teachers,
learning materials, and/or schools.
Detecting Plagiarism: AI can help check if the content is original or plagiarized.
Chatbots: Universities can elevate student experiences by integrating ChatGPT into chatbots to drive efficiency across administration, recruitment, student retention, and student service throughout their academic career.
Business Services
In recent decades, HCM and services companies have leveraged digital technology to drive more efficient deliverables.
We see these trends accelerating given advances in technology, and ChatGPT has the potential to drive further efficiencies, increase processes, boost customer retention, reduce workloads, and position employees to focus on more strategic tasks. These initiatives not only lower costs but also improve the products and services offered to clients.
AI Use Cases, beyond ChatGPT in the Business Services industry
Market analysis: More complex models are conditioned to analyze market developments in real time amid potentially predictable outcomes.
Task replication: automation of even more complex worker processes has the potential to drive further efficiencies and fuel higher labor cost savings.
Candidate screening: Amid a tight labor market, hiring should become less labor intensive with the use of AI as candidates are screened more accurately.
Complex AI Use Cases Beyond ChatGPT
Personalized Learning: ChatGPT coupled with AI more broadly can help educators identify and evaluate student-specific strengths and needs and ultimately create
customized learning plans – considering the type of content, the method of instruction, and the pace of completion.
Student Analytics: Digital adoption and connected platforms coupled with the growing prominence of learning models collectively poise educators to unlock greater
student analytics with the goal of improving outcomes.
Student Support: AI could be helpful in surfacing valuable insights and recommendations to students to help guide their decision making.
IT: Key ChatGPT use cases
- Software Development and Programming: Write, debug, and explain code in various languages.
- Search Engines: ChatGPT has been incorporated into Bing, creating BingAI to understand and respond to language inputs and answer questions (i.e., search tools).
- Data Structuring: Generate SQL queries to turn unstructured data into structured data.
- Chatbots: Companies can integrate ChatGPT into their chatbots for customer service or into employee FAQ pages.
Key ChatGPT use cases: Financial Services Part 2
Improving Customer Service: ChatGPT’s ability to communicate in a humanistic way eases the burdens of customers’ automated assistance in various banking
processes, a significant improvement from technologies that need to be communicated with very specific phrases.
Product Marketing: Generate marketing campaign scripts and creative marketing ideas to reduce the cost of content production.
Financial Services: AI Use Cases, Beyond ChatGPT
Real-Time Financial Market Trading Advice: Advanced AI will be able to navigate through enormous data sets, quickly parsing out trends, and providing actionable advice on trading decisions in real-time.
Financial Forecasting: Utilizing limited inputs, AI can create financial forecasts to determine the viability of an investment.
Fraud Detection: Novel AI will be able to analyze not only individual banking transactions, but view many activities together across accounts and customers to detect
fraudulent and/or other criminal activities.
Product Personalization: Using certain user-defined inputs, AI can provide personalized financial product advice.
Risk Management: Verify customer information to assess the eligibility for loan applications, automate loan underwriting, assess credit risks, etc.
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