- AI Bot developed by OpenAI
- Conversational Generative AI
- Launched in Nov 30,2022
- 100 million users by Jan 30,2023
- Available in Freemium Model
Use Cases for Chat GPT for Credit
Credit Risk Assessment
- Gather relevant information and perform initial assessments of credit risk.
- They can input key data points about a borrower or company to get analysis of the creditworthiness and potential risks associated with the entity.
Financial Statement Analysis
- Simulate and analyze different scenarios to assess the potential impact on credit portfolios.
- By inputting various parameters, and explore potential outcomes and make informed decisions regarding credit exposures.
Credit Policy Guidance
- Provides guidance on credit policies, risk appetite, and underwriting criteria.
- Discusses specific scenarios, credit approval processes, risk mitigation strategies, and adherence to regulatory guidelines, helping us make informed decisions and ensure consistent credit policies across the organization.
- Serves as a virtual assistant for credit professionals, addressing common customer inquiries and providing information about credit products, terms, and application processes.
- Can assist in answering frequently asked questions, guiding customers through the credit application process, and helping them understand credit terms and conditions.
- Gather real-time market insights and industry trends that may impact credit decisions.
- Explore economic indicators, regulatory changes, competitive landscape, and other factors affecting credit risk, and stay informed and make data-driven credit decisions.