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How Will Chat GPT Impact The Financial Technology Job Market In The Asia-Pacific region?

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How Will Chat GPT Impact The Financial Technology Job Market In The Asia-Pacific region?

There's been plenty of talk about Chat GPT4, the fourth version of the Chat GPT large language model chatbot, in the media since its launch in November of last year, and much of the coverage has centred on the ways in which this technology might impact people currently working in the tech space. For those looking to find their next role in the dynamic Asia-Pacific (APAC) virtual finance sector, this can understandably lead to feelings of concern.


Where Will Chat GPT4 Make An Impact?

 Without a doubt, Chat GPT4 will be a valuable asset in many aspects of the tech world. It can deliver impressive benefits such as greatly improved efficiency, together with an increase in data accuracy. This means that the large language model tool can not only be used to enhance the customer service experience and create content, but may also be applied to a wide variety of virtual finance activities, including digital payments, money transfers, and automating processes in the blockchain and cryptocurrency sector. It can also help people to make better-informed business decisions, helping fledgling virtual finance organisations to scale successfully. After all, the now infamous chatbot can harness the AI and machine learning technology that makes cloud computing so beneficial - and build upon it.


Where It Falls Down

 However, the good news for those looking to build a career in the AI virtual finance sector is that AI tools won't be able to deliver everything such enterprises need. Indeed, Microsoft, despite being a major investor in Open AI, Chat GPT's parent company, has followed Amazon in already issuing a warning to staff about sharing sensitive data with the chatbot, as it could potentially be used as "training data" in the future [1].

There is also the question of whether using AI tools for automating financial processes will mean issues for compliance with regulatory bodies in many regions, including the UK, Europe, and APAC. Singapore is one of the most advanced countries in the Asia Pacific region when it comes to data privacy laws in the virtual finance sector. Strict rules about how data is stored, processed and accessed, together with growing public concern about data privacy, could hamper the adoption of Chat GPT4 in the virtual finance sector. The answer could lie in a new regulatory body dedicated to the area of AI technologies, but this is not yet in place.

 It's also important to realise that the technology itself has its limitations. The tool is ultimately only as good as the training data from which it learns. As a result, it can produce results that are biased or simply incorrect. It can also struggle to carry out multiple processes simultaneously and fail to prioritise tasks in the right order, which can lead to workflow issues. And, of course, the more a business relies on AI tools, the greater the computational resources needed, including specialised hardware, which comes at a cost that may be hard to meet in the early days of a start up's life.

 Perhaps most importantly, whilst it can certainly help in taking the strain in many routine business processes, it cannot recreate the value that a skilled tech professional can bring to a financial technology start up. After all, one of the reasons why financial technology enterprises stand out is their innovative, creative approach to the financial market, and this creativity can only be provided by human employees. Successful financial technology businesses also feature an ethos of collaborative ideas and team working, which simply cannot be replicated by current AI technologies. Simply put, AI's role in virtual finance technologies should be seen as a supporting one; it's there to enhance the work of human professionals rather than replace them.


Find The Right virtual finance technology Opportunity

 If you are keen to find your next role in the APAC virtual finance technology market, then contacting Inspire should be your first move. We are specialists in helping talented candidates build rewarding crypto careers, and can support you in meeting your aspirations. Find out more about how Inspire can help you embrace AI and grow your career, by exploring today.