SAN FRANCISCO–How does the most sophisticated chatbot created to date describe credit unions? How does it explain the differences from banks? Could it express those differences as if written about in the style of a Harlequin romance? How does it respond to the delicate issue of the best way to get a long-time board member to retire? CUToday.info has asked the chatbot those questions and more and put it to the test.
In the month since its launch, ChatGPT (the GPT stands for Generative Pre-Trained Transformer) has gone viral, with users from around the world challenging its artificial intelligence and natural language system with a broad range of experiments.
For businesses of every kind, including credit unions, the implications are infinite and significant, and could lead to changes that are especially impactful on marketing, including how messages are written, promotions created, website content updated and more. But the potential for change is even broader, affecting how CUs communicate with members and whether as much call center and branch support is required.
Ambitious Creation
Created by OpenAI, which is considered one of the world’s most ambitious AI labs and whose cofounders include Elon Musk, the system is using the millions of users in its public beta phase to gather feedback and improve. The chat format allows the AI to answer "follow-up questions, admit its mistakes, challenge incorrect premises and reject inappropriate requests,” according to its creators.
But as sophisticated as is ChatGPT, it isn’t perfect and it makes mistakes, as its creators acknowledge and users have discovered. Indeed, the company has cautioned users, "ChatGPT sometimes writes plausible-sounding but incorrect or nonsensical answers.”
The GPT-3.5 language technology it uses was created by OpenAI and the system has been trained using a substantial chunk of text data from various resources.
Since launch, users have been asking the ChatGPT to provide answers on both the serious (explain the origins of the universe) and the humorous (explain how to remove a peanut butter sandwich from a VCR as if written in Biblical verse).
How Chatbot Responded to CUToday.info
So CUToday.info put the system to the test with questions related to credit unions that also ranged from the serious to the humorous to the quirky. Here’s what we found:
CUToday.info: Explain the difference between a credit union and a bank.
ChatGPT: A credit union is a non-profit financial institution owned and controlled by its members, while a bank is a profit-oriented financial institution owned by shareholders. Credit unions typically offer many of the same services as banks, including checking and savings accounts, loans, and credit cards. However, credit unions are generally smaller and more focused on serving a specific community or group of people, such as employees of a particular company or members of a particular organization.
One key difference between credit unions and banks is that credit unions are not-for-profit organizations, which means they do not have shareholders who expect a return on their investment. Instead, credit unions are owned by their members, who are also their customers. This means that any profits made by the credit union are returned to its members in the form of lower fees and higher interest rates on deposits.
Another difference is that credit unions are typically more focused on providing personal financial services and may offer more flexible terms and lower fees on loans and other services. They may also be more willing to work with individuals with less-than-perfect credit ratings.
Overall, the main difference between a credit union and a bank is their structure and the motivations behind their operations. Credit unions are owned and controlled by their members and are focused on providing financial services to their communities, while banks are owned by shareholders and are focused on maximizing profits for their owners.
CUToday.info: Explain the difference between a credit union and a bank as if written as a Shakespearean sonnet?
ChatGPT: In fair Verona, where we lay our scene, Two types of finance do here abide: A credit union, owned by its own kin, And a bank, whose profits are its pride.
The credit union serves a common bond, A group united, be it large or small, It offers loans and accounts with fond Consideration for the needs of all.
The bank, on the other hand, doth crave The highest profits for its shareholders, It offers services with a profit-saved And answers to regulations fair.
Thus, credit unions and banks do differ One serves the many, one serves the few, One is for profit, one is not for her In financial matters, both have their due.
CUToday.info: Explain the difference between a credit union and a bank as if written as a Harlequin romance?
ChatGPT: As the sun set over the small town of Rosewood, two hearts beat with anticipation. On one side of Main Street stood the credit union, a beacon of hope for the community. Its doors were open to all, and inside, the friendly staff worked tirelessly to provide financial services to the hardworking people of the town.
On the other side of Main Street stood the bank, a sleek and modern building that seemed out of place in the quaint town. While the bank offered many of the same services as the credit union, it was driven by profit above all else. The staff were polite, but their priorities lay with the shareholders, not the customers.
As the night fell, the two institutions remained locked in a battle for the hearts and wallets of the townspeople. But in the end, it was the credit union that emerged victorious, with its commitment to the community and its member-driven approach to finance. The bank faded into the background, a distant memory for the people of Rosewood.
CUToday.info: Explain why should I join a credit union, as if written by Ernest Hemingway?
ChatGPT: If you're considering joining a credit union, you're making a wise decision. Credit unions are a unique type of financial institution that offer many benefits to their members.
First and foremost, credit unions are owned and controlled by their members. This means that the profits generated by the credit union are returned to the members in the form of lower fees, higher interest rates on savings accounts, and more favorable loan terms. When you join a credit union, you become an owner, with a say in how the credit union is run.
In addition to these financial benefits, credit unions are often more focused on serving the needs of their members. They are often smaller and more community-oriented than banks, and the staff are generally more accessible and willing to work with you to find solutions to your financial needs.
So, if you want to be a part of a financial institution that puts its members first and offers a range of competitive financial products and services, a credit union is the way to go.
CUToday.info: What is the best way to achieve financial wellness?
ChatGPT: There are many steps you can take to achieve financial wellness, and the best approach will depend on your individual financial situation and goals. Here are some general tips that can help you improve your financial wellness:
Set financial goals: Determine what you want to achieve financially, whether it's paying off debt, saving for a down payment on a house, or building up your retirement savings. Having clear goals will help you stay focused and motivated.
Create a budget: To achieve your financial goals, you'll need to know how much money you have coming in and going out. A budget can help you track your income and expenses and identify areas where you can save money.
Build an emergency fund: Unexpected expenses can derail your financial plans, so it's important to have a cushion of savings to fall back on. Aim to save enough money to cover at least three to six months' worth of living expenses.
Pay off high-interest debt: High-interest debt, such as credit card debt, can be a financial drain. Prioritize paying off this type of debt as soon as possible to save money on interest and improve your financial health.
Invest in your financial education: The more you know about personal finance, the better equipped you'll be to make sound financial decisions. Consider taking a financial education course or reading personal finance books or articles to increase your knowledge.
Seek professional advice: If you need help with financial planning or have complex financial issues, consider seeking the advice of a financial professional, such as a financial planner or advisor.
CUToday.info: Write a limerick about a credit union.
ChatGPT: There once was a credit union so fine,
It served all its members with care,
It offered low rates and no fees,
And always was there to lend a hand,
A credit union beyond compare.
CUToday.info: Tell us a joke about a credit union:
ChatGPT: Why was the credit union always so happy?
Because it had so many members!
CUToday.info: How can a CEO work more effectively with a volunteer board of directors?
ChatGPT: Here are some tips for working effectively with a volunteer board of directors:
Communicate clearly and consistently: Make sure that board members are informed about the organization's activities and decisions, and provide regular updates on progress and challenges.
Involve board members in decision-making: Encourage board members to participate in discussions and decision-making processes, and value their input and perspective.
Set expectations and establish guidelines:
Clearly communicate the role and responsibilities of board members, and provide guidelines and policies to help them fulfill their duties effectively.
Foster a positive and collaborative culture: Encourage open and respectful communication among board members, and work to build a positive and supportive culture within the organization.
Show appreciation: Thank board members for their time and dedication, and recognize their contributions to the organization.
Working with a volunteer board of directors can be challenging, but with effective communication and a commitment to collaboration, it is possible to build a strong and effective team.
CUToday.info: How can I get a board member who has stayed too long to retire?
ChatGPT: It can be difficult to persuade a board member who has stayed on for a long time to retire, especially if they are committed to the organization and believe they are still making a valuable contribution. Here are some steps you can take to encourage a board member to retire:
Communicate your concerns: It's important to be honest and open about your concerns. Explain to the board member why you believe it is time for them to retire, and listen to their perspective.
Consider their motivations: Try to understand why the board member wants to stay on, and consider whether there are other ways they can continue to contribute to the organization.
Discuss a timeline for retirement: It may be helpful to set a specific date for the board member's retirement, and work together to plan for the transition.
Encourage them to mentor a successor: Consider whether the board member might be willing to serve as a mentor or advisor to a successor, helping to ensure a smooth transition.
Seek the support of other board members: It may be helpful to have the support of other board members in encouraging the board member to retire.
Ultimately, the decision to retire is a personal one, and it is important to respect the board member's autonomy. However, by communicating openly and respectfully, you may be able to persuade them to retire when the time is right.
CUToday.info: Write a haiku about a credit union
ChatGPT:
Credit union so true,
Serving the community,
People helping people.