The aim of the special issue
ChatGPT, as an example of Generative AI that can plough through oceans of data to create new content on demand in textual and other multimedia formats, is now the latest artificial intelligence innovation (Adam, Wessel, Benlian 2021). The November 2022 launch of this conversational robot extended the imagination of the general public and investors about its economic significance and it has since become one of the fastest growing IT applications in history. Many consider ChatGPT to be the most significant innovation since the invention of the Internet and believe it will transform the society and business as we know it. ChatGPT is the invention of OpenAI, a research laboratory founded in 2015 with the objective of ensuring that the development of AI benefits humanity. ChatGPT is now integrated into the New Bing, a new generation of search engine by Microsoft.
As the newest invention at the forefront of AI, ChatGPT sparked a fresh AI storm in both the technological and finance domains. For instance, ChatGPT can be implemented into wealth management into providing personalized investment recommendations by evaluating data, each individual’s unique financial goals and risk tolerance (Lim et al. 2022). The intelligence capability of ChatGPT in answering customer questions, ChatGPT has the potential to assist 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 (Forbes.com).
To fulfil the business potential of conversational AI technologies such as ChatGPT in banking and finance, more research is needed to develop new business strategies, models, methods, tools and standards (Yue et al. 2023). In this regard, this special issue will serve as a discussion focal point for all associated research endeavors. All theoretical and empirical (qualitative and quantitative) approaches are equally appreciated, and we particularly welcome multidisciplinary and interdisciplinary submissions that cover the various issues relevant to technology, economy and management in the field of OpenAI for finance.
Topics of interest include, but are not limited to:
* Best financial practices in conversational commerce
* Business issues of the use of ChatGPT in finance
* Innovation of ChatGPT-like financial applications
* Empirical research on the effectiveness of conversational commerce in financial settings
* Ethical considerations of the use of ChatGPT in finance
* Future directions for research on conversational AI in banking and finance
* Governance of conversational AI usage in financial organizations
* Incorporating ChatGPT applications into corporate financial strategy
* Integration of ChatGPT with existing technologies such as blockchain and big data
* Legal and regulatory frameworks on the use of ChatGPT in banking and finance
* Theoretical perspectives on the use of ChatGPT and conversational AI in finance
Schedule
Paper Submission: September 30, 2023
Author Notification: November 30, 2023
Revised Version: March 1, 2024
Final Notification: April 30, 2024
Publication of Special Issue: May 30, 2024
Guest Editors
Dan LI, The Chinese University of Hong Kong, Shenzhen
(lidan@cuhk.edu.cn)
Wei Thoo YUE, City University of Hong Kong
(Wei.T.Yue@cityu.edu.hk)
J. Leon ZHAO, The Chinese University of Hong Kong, Shenzhen
(leonzhao@cuhk.edu.cn)
References
- Adam, M., Wessel, M., & Benlian, A. (2021). AI-based chatbots in customer service and their effects on user compliance. Electronic Markets, 31(2), 427-445.
- Lim, W. M., Kumar, S., Verma, S., & Chaturvedi, R. (2022). Alexa, what do we know about conversational commerce? Insights from a systematic literature review. Psychology & Marketing, 39(6), 1129-1155.
- Yue, T., Au, D., Au, C. C., & Iu, K. Y. (2023). Democratizing financial knowledge with ChatGPT by OpenAI: Unleashing the Power of Technology. Available at SSRN 4346152.
- Bubeck, S., Chandrasekaran, V., Eldan, R., Gehrke, J., Horvitz, E., Kamar, E., ... & Zhang, Y. (2023). Sparks of Artificial General Intelligence: Early experiments with GPT-4. arXiv preprint arXiv:2303.12712.