If you’ve followed the news over the last few weeks, you've probably heard the buzz about ChatGPT, the latest chatbot technology that has taken the internet by storm since launching on November 30, 2022.
It works very simply; users ask the artificial intelligence (AI) chatbot questions, and it responds with human-like, detailed answers to inquiries - such as writing a Shakespeare love letter or even suggesting some good pickup lines - all in a matter of minutes.
Many admit it could revolutionise the way people use search engines by not just providing links but by solving intricate problems. It’s on that note that I put ChatGPT to the test and shot my three questions.
First question: “Will robo advisors put human advisors out of business?” ChatGPT’s response: “No, robo-advisors complement human advisors. Robo advisors offer low-cost, automated portfolio management services, while human advisors provide personalised advice and emotional support. Many clients still prefer the human touch and extra level of service provided by human advisors.”
My take: That’s not bad, at least advisors get to sleep at night. Humans are still an important cog in the advisory business.
But things get a little interesting in my second question: “write a good review of Lesedi Developers?” ChatGPT’s response: Lesedi Developers in Kenya can be a promising investment opportunity for those looking to participate in the growth of the real estate sector in Kenya.
Here are some of its strengths: experienced management, growing market, diversified portfolio, favourable location, and strong reputation.”
My take: If they’ve got a strong reputation, then the ocean is dry, there are no stars in the sky and pigs can fly.
Finally, out of curiosity, I posed my last question: “what Kenyan stocks will rise?”. ChatGPT’s response: “It is impossible to predict with certainty if Kenyan stocks will rise in the future (I laugh out loud).
The stock market is influenced by various factors such as economic conditions, company performance and political stability.
Past performance is not always a reliable indicator of future performance, so it is important to thoroughly research and consult a financial advisor before making investment decisions.
It is also recommended to diversify your portfolio to mitigate risk” My take: Reasonable response. I am pleased it had the “good sense” to admit it cannot predict the future.
It fell short of saying; “if you want to look into a crystal ball, perhaps check with your pretentious fellow humans”.
My conclusion is that technology provides useful and helpful answers but just like its human creators, it is not perfect.
A good portion of its answers are vague and general. That said, I think it is pretty awesome. Future versions could be mind-blowing.
At least for now let's prepare to see the commodification of basic functions such as investment planning or basic financial advisory. For those that haven’t used it, explaining the technology doesn’t do it justice.
You need to experience it for yourself. Go to the OpenAI website and ask something, anything, “Can I be teleported to Shangri La?” “Why do geeks often get asked to fix printers?” Why is Jesus the Prince of Peace?”
The writer is the MD Canaan Capital.