Exploring the Impact of ChatGPT on Financial Decision Making

By facilitating natural language interactions with technology, ChatGPT, a generative artificial intelligence tool, has revolutionized the banking industry. Its use in banking, however, presents a number of moral issues that need careful consideration to guarantee its responsible and moral usage. This policy paper explores the ethical challenges surrounding the use of ChatGPT in the financial industry, such as biases, security flaws, false information, privacy concerns, a lack of accountability and transparency, job displacement, and intricate legal ramifications. Our research emphasizes how crucial it is for financial institutions utilizing ChatGPT to plan ahead in order to handle new issues and reduce any possible harm to people and society. We also suggest guidelines for successfully resolving moral conundrums. This essay emphasizes the necessity of an ethical framework that puts people's welfare and the interests of society at large first in order to guarantee the appropriate use of ChatGPT in finance. Our work not only advances finance research and practice but also suggests important topics for further investigation.