ChatGPT launched a year ago and the tech world will never be the same. The New York Times has an in-depth look at the impact of this revolutionary new product, focusing on big tech.
It is interesting to me that one of the greatest tech launches of the past decade came not from a big tech company but from an AI startup that was not even seven years old and was set up as a non-profit research lab.
Where were Google, Microsoft and Meta? To be fair Microsoft saw the potential of OpenAI and invested $1 billion in 2019.
Google has long been a proponent of cutting-edge AI but they were not first to the generative AI revolution. Of course, they are fully on board now as you see gen AI results at the top of most Google searches today.
What does this mean for fintech? While some believe this is a “big bang” for fintech, use cases are only just starting to roll out. We are already seeing it used in fraud detection and marketing but no killer app has been released yet.
But I am confident when I say fintech will be deeply impacted by the rise of generative AI and the next year will see much more development than the last one.
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