How Business Bankers Can Use ChatGPT To Be More Productive!

If you don’t know anything about me, you need to know that I am a bona fide Business Banking tech junky! The ChatGPT experience for me is similar to what a kid feels like in a candy store! First off, I generated the image for this post using OpenAI’s DALL-E image rendering tool! If you don’t already know, OpenAI is who brought us ChatGPT. The DALL-E web link is below. I simply typed in “render an image of a business banker using chatgpt at poolside” and DALL-E generated the image I used for this post! DALL-E URL: https://labs.openai.com/

I’ve been playing with ChatGPT for a while. I took off my tech junky hat and put on my business banker hat to write this article. From the business banker prospective, ChatGPT is awesome and equally terrifying! How can this be?

A Few Words To The Wise:

If you are going to use ChatGPT, you must remember that you are in a highly regulated industry and that the bank police may be watching you!

I read just this morning that Chase is restricting the use of ChatGPT due to a specific incident…don’t be the business banker that ruins it for everyone else! I think it would be a huge mistake to prohibit business bankers from using ChatGPT. If you put some guardrails around it so that bankers can use it safely and wisely, then it could become a game changer!

 Use ChatGPT wisely! What is at stake? Your credibility! In business banking, your credibility is good as cash! You don’t want to be caught circumventing processes and procedures using ChatGPT. If used wisely, ChatGPT can help you get routine tasks done faster so that you can focus all your energy on becoming a Business Banking Rockstar!

Although powerful, ChatGPT is not always accurate! It can mislead you. It is trying to determine what you want—based on your instructions—and serving it up to you. It is your responsibility to cross-reference or validate the results! From the Business Banker perspective, ChatGPT can point you in the right direction or help you fill in blanks, but it is not yet a complete solution. I’ve been messaging with my business banking buddy Anand who’s told me that it hallucinates and lies in a very confident way! It is true and that is why you need to proceed with caution!

Routine Tasks That The Bot Can Do For You:

1. Grammar Check: ChatGPT can be used to quickly check your grammar on emails, sales pitches, etc. I asked it to check the grammar on the paragraph above by typing “please check the grammar for the following text:” and pasting the text right after the colon. Below is a screenshot of its response.

2. Research Complex Terms: If you come across a term that you don’t fully understand, you can fire up ChatGPT and have it explain it to you. Let’s say your credit manager started going off about the Fixed Charge Coverage Ratio, and you were a little too shy to ask for it to be explained. Don’t sweat it…the bot can help! I typed in “what is a fixed charge coverage ratio?” and got the response below. If the response below is still too “credit-officer-y” for you, ask the bot to simplify the explanation. I typed in “please summarize it for a 5^th grader” and got the response in the second screenshot. You can start with a broad topic and then ask it to refine or summarize it for you.

3. Prospect Industry Research: ChatGPT can augment your prospect industry research. You likely have access to industry research tools like VerticalIQ or D&B Hoovers. As I stated before, use the bot to point you in the direction or fill in the blanks, validate the results, and should add to your work…not replace your work! A few years ago, I came across a prospect who sold legacy military aircraft parts. I had no idea such a business even existed. I had to do a lot of googling to write up the deal. If I would have had the bot, it would have made my life easier. I fired up the bot and typed in “please tell me about the challenges and opportunities in the legacy military aircraft parts industry” and got the results in the screenshot below.

4. Generate Content: You can ask ChatGPT to write a sales email, an article, a LinkedIn post, a blog, a whole paper and a lot more! You simply need to fire it up and ask away! The amazing capability of ChatGPT is that it remembers and can continue the conversation. Let’s ask it to bullet point the challenges and opportunities above and put it in a sales email from a business banker’s perspective: “please bullet point the challenges and opportunities and create a sales email form a business banker’s perspective”. See results below. Remember, the bot results are meant to point you in the right direction or fill in the blanks. You need to take the results, validate the information, and customize it to make it your own! The sky is the limit.

Final Thoughts:

If you forgot the question I posed earlier, here it is again: why is ChatGPT as terrifying as it is awesome? ChatGPT is new technology created to be used by the masses. However, it is going to get repurposed and tailored for very specific use cases across many industries. As I showed you in this article, a powerful feature of the bot is that it communicates in a seemingly natural way using natural language.

The Business Banking ChatGPT Bot:

Imagine a Bank CEO who wants a Business Banking ChatGPT bot of his own! He wants a bot that is embedded in Business Accounting Software like QuickBooks. Bank CEO strikes up a deal with QuickBooks to embed its bot into its business accounting software. Imagine Business Owner Sally firing up her laptop to log in some sales invoices. The bot pops up on the screen and complements Sally on revenue trending up compared to previous year. The bot tells Sally that if revenue continues to trend in this direction that she will need to increase her business line of credit. The bot asks Sally if she would like get the ball rolling with the line of credit increase…Sally types in: “hell ya”! The bot grabs Sally’s current and previous year P&L, calculates key ratios used to determine if the business can support a line of credit increase, and fires the results to Bank CEO’s business credit platform. The business credit platform determines that it can instantaneously approve a line of credit increase and let’s the bot know the good news! The bot pops again and let’s Sally know that her business line of credit increase was approved!

Awesome, right? But where was Business Banker Steve while all this awesome stuff went down? Don’t surrender your career to the bots!

How To Fire Up ChatGPT?

Use the University of Anything (aka YouTube) and search for videos on how to get you up and running on ChatGPT. It is really really simple to get going!

Bizpetrol has information, knowledge and tools that will help you become a Business Banking Rockstar!  You can start elevating your business credit skills using the free Commercial Lending Toolkit at www.bizpetrol.com. You can see all the Business Banking News articles (like this one) at www.bizpetrol.com/blog. You can access a series of how-to business banker guides https://www.bizpetrol.com/Downloads-Free.

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