According to Paytm CEO Vijay Shekhar Sharma, technologies like ChatGPT and artificial intelligence will cause more difficulties than they will solve for the financial industry. In post on social media platform, Sharma wrote on Wednesday, “#ChatGPT age for financial world. AGI will generate more nightmares 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.”

AML stands for anti-money laundering, and AGI is for artificial general intelligence. Many people who commented on the post concurred with Sharma's viewpoints. AI is the new financial enemy, but those who master it may utilise it as a great instrument, one user remarked.

With the release of GPT-4 a few days ago, ChatGPT became even more potent. ChatGPT can receive image inputs and produce the appropriate output thanks to the improved language model. In comparison to its predecessor, it is also considerably more capable of tackling jobs that are more complex. Moreover, GPT-4 has excelled on a number of tests. The chatbot scored an 88 percentile on the LSAT and an 89 percentile on the SAT Math.

Aside from potential financial risks, ChatGPT is feared by many due of its extraordinary skills and claims that it may eventually replace many human occupations.

Sam Altman, the creator of OpenAI, the parent firm of ChatGPT, admits the possibility of chatbots replacing human workers. He does, however, add that there is no end to human inventiveness and that new occupations and possibilities will materialise.