'More nightmare': Paytm's Vijay Shekhar Sharma warns of ChatGPT's impact on financial world

Technologies such as ChatGPT and artificial intelligence is going to create more problems than solutions for the world of finance, according to Paytm boss Vijay Shekhar Sharma. In post on social media platform, Sharma wrote on Wednesday, “#ChatGPT age for financial world. AGI will generate more nightmare for fraud / AML prevention than impersonation on calls & messages have. Only the ones who will build a system leveraging it will be able to counter some. Clear differentiation visible in 3-5 years.”

 AGI refers to artificial general intelligence and AML is anti-money laundering. Several people responded to the post by agreeing with Sharma’s views. One of the users wrote, “AI is the new financial enemy, but those who master it can use it as a powerful tool.”
 
ChatGPT got even more powerful a couple of days back with the arrival of GPT-4. The more enhanced language model gives ChatGPT the ability to accept image inputs and generate output accordingly. It can also take on more complex tasks when compared to its predecessor and is much better at handling them. Moreover, GPT-4 has aced various examinations. The chatbot passed the LSAT with 88 percentile and SAT Math with 89 percentile. It also passed GRE Quantitative exam with 80th percentile and GRE verbal exam with 99th percentile. 
 
Financial threats apart, ChatGPT is being feared by many given its exceptional capabilities and people are arguing that it might replace many human jobs in the future.
 
ChatGPT's parent company OpenAI's founder, Sam Altman, acknowledges the possibility of the chatbot taking away human jobs. However, he also says that human creativity is limitless and that new jobs and opportunities will arise.

Also Read: Does your boss know? 70% of employees are using ChatGPT, other AI tools without employer's knowledge