Given the widespread use of ChatGPT around the world, this article is a year-end review of ChatGPT and its introduction in financial services in South Korea. It is also noted that while this article focuses on the financial services industry – much of the contents also is relevant to other industries from both the commercial and legal perspectives.

Overview of ChatGPT

Launched in 2022, ChatGPT, developed by U.S. tech company OpenAI, is an artificial intelligence-driven Natural Language Processing platform (“AI” and “NLP”) that has captured emerging global interest across virtually all industries and segments of society. Developed on vast internet data with transformer architecture, it is a sophisticated language model excelling in tasks such as language restatement, text summarization, and content generation with diverse topics and concepts. By seamlessly integrating into conversational interfaces like chatbots and voice assistants which offers users a natural and human-like interaction experience, ChatGPT proves to be a powerful tool for research, problem-solving, and decision-making processes. ChatGPT has made impressive strides in the field of AI and holds the promise to revolutionize numerous industries, including finance.

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