OpenAI fires up the turbo
The development pace exhibited by OpenAI with ChatGPT is breathtaking. In March, they released the first version of ChatGPT-4, in July, they opened the interface to free software developers, and now the product boasts over 100 million monthly users. TikTok took nine months to reach this milestone, Instagram over two years. While these platforms follow a free-to-use approach, ChatGPT charges $20 per month (plus value-added tax in Germany) for its usage.
OpenAI's recipe for success lies in offering a product that allows easy use and integration, bringing artificial intelligence (AI) controlled via text commands without the need for programming knowledge directly into practice. This has already attracted two million free software developers who are taking ChatGPT out into the world. This forms the basis for fundamental adoption and scaling, and this is likely to accelerate with the recent announcement of "GPT-4 Turbo" by OpenAI CEO Sam Altman.
Next step in commercialization
With the opening of an App Store scheduled for the end of November, OpenAI is taking the next step in commercialization along with so-called "Creators," including enterprise customers who can now build internal GPTs. This is already generating significant interest in the financial industry. Banks are enhancing ongoing digital transformation programs with AI applications. Just the document-related aspects of credit applications and regulatory compliance promise substantial savings by eliminating manual processes. On top of that, AI serves as a Big Data tool, promising to tame the unstructured data silos within banks.
This has been a challenge for the credit industry for what feels like 20 years. No project is pushed back further than the synchronization of databases and the standardization of IT landscapes. To properly implement the grand AI wonder, infrastructures must be built, and governance and workflows for the use of generative AI must be defined. Banks cannot undertake this hastily; these processes must be implemented carefully, considering all their intricacies.
As GPT-4 Turbo realistically has the potential to replace many high-income software development roles, banks are looking at a significant relief in their cost-income ratio through these measures.
