ChatGPT for Credit Professionals

ChatGPT NACM Emagia

ChatGPT Introduction

2023 marked the year that Artificial Intelligence (AI) moved from being a side conversation to the biggest trending topic in the business world; and perhaps nothing helped pushed AI more into the spotlight than the incredibly surprising and rapid rise of ChatGPT. ChatGPT is an AI Bot developed by OpenAI, and the conversational Generative AI platform has inspired many more focused, industry-niche products that work similarly, like Emagia’s own GiaGPT. When operated correctly, ChatGPT can be used particularly by professionals in the Order-to-Cash space to help in areas like risk assessment and credit policy guidance, financial statement analysis, and market and industry research. But many financial leaders still need to learn the best ways to leverage this technology, if not get a handle on ChatGPT basics, as a tool.

  • 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.
  • Customer Assistance

    • 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.

    Market and Industry Research

  • 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.

Suggested Resources

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