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AI in Finance: Getting Started with ChatGPT or Copilot

AI in Finance: Getting Started with ChatGPT or Copilot

The AI buzz is everywhere, and so is the unprecedented shadow of FOMO (fear of missing out). As AI tools become more accessible, the status quo becomes more unacceptable. Businesses recognize the need to get onboard, but the path forward is not always clear.

In this article, we are removing some of those unknowns. For someone in finance looking to get started using AI tools like ChatGPT or Copilot, these eight steps will set you up for success.

8 Steps to Get Started with ChatGPT or Copilot


1. Understand the Basics

Before diving in, it’s crucial to understand what these AI tools are and how they work. ChatGPT is a conversational AI model developed by OpenAI that can generate text based on the prompts it receives. GitHub Copilot, on the other hand, is an AI pair programmer that helps write code faster and with fewer errors. Both tools use machine learning to provide suggestions based on the data they have been trained on.

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2. Identify Use Cases

In finance, AI can be used for various tasks such as data analysis, report generation, forecasting, and automating repetitive tasks. Identify specific areas where these tools can assist you, such as creating financial reports, writing analysis summaries, or generating code for data analysis tasks.

3. Set Up the Tools

  • For ChatGPT (OpenAI): Sign up for OpenAI and gain access to ChatGPT through the website ChatGPT 3.5 is free, while ChatGPT 4 requires a paid subscription. Explore the interface and familiarize yourself with how to input prompts and interpret responses.
  • For Copilot (Microsoft): A free version of Copilot is available at Sign in with your existing work, school, or personal Microsoft account, or create a new account. To access the capabilities behind the paid version of Copilot, you will need a GitHub account and a subscription to GitHub Copilot.

4. Experiment and Learn

Practice, practice, practice. Begin by asking simple queries and gradually progress to more complex requests. For ChatGPT, you might start with basic data queries or summary tasks and move to more complex financial modeling or analysis. For Copilot, start with simpler coding tasks and observe how it suggests code completions and improvements.

5. Understand the Limitations

AI tools are powerful but not perfect. They can generate incorrect or irrelevant responses and may not always follow best practices in coding or data security in finance. Always review and verify the outputs before making any financial decisions or using the code in production.

6. Follow Best Practices

In finance, accuracy and compliance are paramount. Ensure that the use of AI adheres to industry standards and regulations. Keep sensitive data secure and be cautious about the data you input into AI systems.

7. Continuous Learning and Adaptation

The field of AI is rapidly evolving. Keep up with the latest developments in AI technologies and updates to the tools you are using. Participate in webinars, courses, and other learning opportunities to enhance your understanding and skills.

8. Leverage Community and Support

Both OpenAI and GitHub have active communities and extensive documentation. Utilize these resources to solve problems, learn best practices, and get the most out of these AI tools.

By following these steps, finance professionals can effectively integrate AI tools like ChatGPT and Copilot into their workflow, enhancing productivity and enabling more sophisticated analytical capabilities.

Now that you have the tools ready, it’s time to start learning the art of AI prompting in finance in our next post.


This article is part of a series authored by FYIsoft, Inc.

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