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ChatGPT and Other Large Language Models: What Non-Techies Need to Know

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29 March 2023
Jean Sullivan

Abstract

The science of artificial intelligence is complicated. The technologies or sub domains that make up AI such as machine learning and natural language processing are often intertwined which only adds to the confusion. However, a basic understanding of AI is needed to fully grasp the value of ChatGPT and other large language models. This report is for individuals who want to better understand AI basics and the technologies that power tools such as ChatGPT. We also review core use cases, risks associated with LLMs and provide a perspective on the future.

Simply put, ChatGPT is a free chatbot that can generate an answer to almost any question using conversational AI (a type of AI that enables computers with the ability to understand text and spoken word in much the same way that human beings can.)

ChatGPT and other large language models represent a breakthrough in AI technology because they allow users to have human-like conversations with a chatbot as these tools have the ability to interpret context derived from algorithms based on huge data sets. Within wealth management this application can be used to support advisor/client engagements, portfolio construction, investment insights, marketing and lead generation. The list is endless; the opportunity undefined.

ChatGPT represents a breakthrough for wealth managers looking to :

- Reach unrepresented marketplaces

- Support advisor-led solutions as the "CIO" is only a click away

But to truly understand the power and potential of ChatGPT and other LLMs, one must first appreciate the technologies that enable these tools.

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