1. Introduction

Fintech is an industry that has emerged in recent years, integrating the latest innovations in the fields of finance and technology. The rapid development of financial technology has brought enormous opportunities and challenges to the financial industry. In this wave of development, the application of Natural Language Processing (NLP) technology has become increasingly prominent, with ChatGPT, as an outstanding representative in the field of natural language processing, having an increasingly significant impact on the financial technology industry. This article will delve into the positive impact of ChatGPT on the financial technology industry, including promoting quality improvement, cost reduction, and efficiency enhancement, promoting digital transformation of finance, accelerating the construction of financial technology systems, and improving intelligence, with a special focus on the applications of intelligent investment advisory, intelligent marketing, and intelligent risk control.

For society, the research in this article can promote financial innovation and digital transformation, improve the efficiency and popularity of financial services, and promote intelligent financial decision-making. For related industries, this article guides the development direction of financial technology companies and promotes the deep integration of technology and finance. For researchers who study related research topics in the future, this article expands research ideas and deepens application fields, and also pays attention to technical ethics and regulatory issues.

2. The Positive Influences of ChatGPT on Finance Technology

2.1. Promote Quality Improvement, Cost Reduction and Efficiency Improvement

2.1.1. Improve Work Efficiency

The application of ChatGPT has greatly improved work efficiency. In areas such as customer service, content creation and data analysis, ChatGPT can automate tasks that originally require a lot of manpower and time. For example, in the field of customer service, ChatGPT can handle user inquiries without interruption, freeing customer service staff from repetitive work so that they can focus on solving more complex problems.

2.1.2. Reduce Operating Costs

The application of ChatGPT can significantly reduce operating costs. By automating customer service and operations management, businesses can reduce their reliance on human resources, thereby saving significant labor costs. The application of automation and artificial intelligence technology significantly reduces long-term operating costs while improving productivity. Through automation, small business operations are carried out, and the use of enterprise resources and resources is further promoted to higher-level assignments, increasing operational efficiency, and decreasing productivity.

2.1.3. Improve Service Quality

Through ChatGPT, enterprises can provide more personalized and timely services. It can provide customized responses and services based on the user's specific situation and historical interaction records, thereby improving user experience and satisfaction. At the same time, ChatGPT can continuously learn and optimize its dialogue model to ensure that service quality continues to improve over time.

2.1.4. Promote Knowledge Management and Innovation

ChatGPT also shows great potential in knowledge management and innovation. Enterprises can use this tool to organize and analyze large amounts of data and extract valuable information to support decision-making and innovation activities. In addition, through conversational interaction, ChatGPT can help users understand complex concepts and data more intuitively, promote the dissemination of knowledge and stimulate the stimulation of innovative thinking.

2.2. Promote Financial Digital Transformation

2.2.1. Enhance Customer Service and Experience

ChatGPT can provide 24/7 instant customer service through its advanced language understanding capabilities, answering various requests such as financial product inquiries, processing transactions and complaints. It can analyze user behavior through historical data and provide personalized financial consultation and recommendations, thereby significantly improving customer experience.

2.2.2. Improve Risk Management

Risk management in the financial industry is a complex and critical aspect. ChatGPT can help financial institutions analyze large amounts of unstructured data, such as news, social media posts and economic reports, to predict market trends and identify potential risks. In addition, it can also assist financial institutions in simulating different risk scenarios in complex economic environments and optimizing the decision-making process. Research shows that the application of artificial intelligence and machine learning technology in financial risk management can significantly improve the accuracy and efficiency of risk control [1].

2.2.3. Assist Compliance Monitoring

As financial regulations continue to be updated, compliance monitoring has become a major challenge for financial institutions. ChatGPT can understand and analyze legal documents through natural language processing capabilities, helping financial institutions update their compliance strategies and processes in a timely manner. Through intelligent monitoring and reporting systems, ChatGPT can also help reduce human errors and regulatory compliance costs, and improve the transparency and security of the entire industry.

2.2.4. Promote Financial Innovation

The application of ChatGPT is not limited to improving existing services, it is also a catalyst for financial innovation. Fintech companies use ChatGPT to develop new financial products and services, such as robo-advisory, personalized financial planning tools, etc., promoting technological progress and product innovation in the entire industry. These innovations enhance consumer welfare while also improving the efficiency of financial markets.

2.3. Accelerate the Construction of Financial Technology Systems

The fintech sector has been exploring how to leverage AI to improve efficiency and customer satisfaction. ChatGPT enables financial institutions to build and deploy intelligent conversation systems faster through its highly developed conversation management capabilities. These systems can serve customers at multiple levels, from basic account inquiries to complex investment consultations and even the development of personalized financial plans. Brynjolfsson and McAfee proposed in their work that the introduction of AI has greatly accelerated the construction of technical systems in various industries, especially in data-intensive industries such as financial services [2].

2.4. Improve Intelligence

Tools such as ChatGPT learn from large amounts of financial transaction data and customer interactions to not only respond to routine inquiries, but also provide in-depth financial insights and recommendations. This is especially evident in robo-advisory services. Financial institutions use these tools to analyze customer profiles, promote the development of personalized financial services, and significantly improve the level of intelligent services.

2.4.1. Accelerate the Construction of Financial Technology Systems

ChatGPT can be quickly deployed on the front line of customer service, reducing financial institutions’ costs in customer service representative training and management. At the same time its ability to self-learn and update means that fintech systems can continuously evolve and adapt to new financial products and services, while providing rapid response to changes in laws and regulations. This flexibility and adaptability of AI tools are invaluable in a rapidly changing financial environment.

2.4.2. Improve the Intelligence of Services

ChatGPT improves the intelligence of financial services, enabling financial institutions to use complex algorithms to conduct investment analysis and predictions, and provide customized recommendations based on big data. The intelligence of this kind of service not only enhances customers' trust, but also brings greater efficiency and accuracy to financial institutions. In addition, intelligent customer service robots can continuously analyze customer data to discover new market trends and investment opportunities. The depth and breadth of this analysis are difficult to match with traditional methods.

The positive impact of ChatGPT and similar tools on the financial technology industry is multifaceted, from accelerating the construction of financial technology systems to improving the intelligence of services. Through these advancements, financial institutions can provide customers with more efficient, personalized and intelligent services. As technology continues to advance, we can expect ChatGPT to play a more important role in the financial technology field and further promote the innovation and growth of this industry.

However, as these technologies become more popular, they also bring about a series of information security issues. Information security involves protecting information systems from unauthorized access, legal infringement and breach risks, labor substitution and unemployment issues all deserve attention.

3. The Negative Impact of ChatGPT on Finance Technology

3.1. Information Security Issues

3.1.1. Risk of Data Leakage

Data leakage is a major concern in the field of information security. It refers to the illegal access or release of sensitive information. For ChatGPT, users may inadvertently share sensitive data, such as personal information, passwords, company secrets, etc. when interacting with it. While OpenAI is committed to keeping data secure, the risk of a data breach cannot be completely ruled out, especially as cyberattacks against these systems continue to evolve.

3.1.2. Privacy Invasion

Privacy invasion is another area closely related to information security. It refers to inappropriate infringements of an individual’s privacy rights, including collection, storage and processing of personal data without sufficient authorization. In interactions with ChatGPT, users’ conversation records may contain information that reveals personally identifiable information. As Zuboff emphasizes in his work, technology companies under surveillance capitalism often invisibly violate users’ privacy rights, and data-fueled AI models may inadvertently become exacerbators of this problem[3]. Therefore, although ChatGPT does not intentionally collect sensitive data, its mode of operation may cause unintentional violations of user privacy.

3.1.3. The Problem of Tool Abuse

In addition to data leaks and privacy violations, ChatGPT can also be abused, which poses a threat to information security. Malicious users may exploit this technology to commit fraud, spread false information, or conduct cyberattacks. For example, phishing emails generated through ChatGPT may be more deceptive because these emails can very naturally imitate human writing styles, making it easier to deceive victims' trust. In addition, robot technology is used to automate inappropriate behavior on social media, such as spreading hate speech and false information, which is another challenge facing social information security.

3.2. Legal Infringement and Violation Risks

3.2.1. Ambiguity of Legal Responsibilities

The rise of ChatGPT poses challenges to the current legal system, especially in terms of liability attribution. When AI systems like ChatGPT are used to interact with human users, they may produce a range of unforeseen behaviors that may involve legal liability issues. As Wagner and Eidenmüller pointed out, the existing legal framework has not fully adapted to the advancement of AI technology, so the attribution of liability is often unclear when AI causes damage [4]. This is not only worrisome but could lead to the uncertainty of legal action.

3.2.2. Infringement of Intellectual Property Rights

Intellectual property infringement is another legal risk faced by ChatGPT. Since ChatGPT can generate articles, poems, codes, etc., it may inadvertently copy and reproduce copyright-protected content, thus triggering infringement disputes. Even if AI-generated content is original, if the content is inspired by or based on existing works, then they still have the potential to infringe the copyright of the original creator. In this case, it becomes particularly difficult to define what constitutes an “original” and “derivative work”, which is crucial to protecting intellectual property rights.

3.2.3. Violation of Regulatory Compliance

In addition to infringement issues, ChatGPT may also be used to violate regulatory compliance. For example, in the financial services industry, compliance requires organizations to ensure that their communications comply with legal and regulatory requirements. Content generated by ChatGPT may violate these regulations, especially if not properly monitored. Failure of an AI system to follow specific regulatory guidance when generating recommendations, reports or analysis could expose companies using it to regulatory penalties. To ensure compliance, an understanding of laws and regulations needs to be embedded in AI systems, but this is a complex technical challenge, and so far there is no universal solution to the problem.

3.3. Labor Substitution and Unemployment Issues

3.3.1. Impact on Low-Skilled Labor Force

The rise of artificial intelligence technologies such as ChatGPT has caused profound concerns about the impact on the labor market, especially the most significant impact on low-skilled labor. The growth of robots and AI will result in many low-skilled jobs being replaced by automation. For example, ChatGPT can perform customer service, data entry and preliminary analysis tasks, functions traditionally performed by low-skilled workers. The spread of such technologies not only reduces the demand for low-skilled workers, but also increases inequalities in vocational training and education, as not all workers have the opportunity or resources to retrain.

3.3.2. Challenges of Economic Structural Transformation

Advances in AI are driving the transformation of the economic structure from labor-intensive to knowledge-intensive. In the process, ChatGPT may increase productivity and efficiency in the short term, but it may also lead to instability within industries, especially in service industries that rely heavily on human interaction. Technological innovation may not be "labour-friendly", and AI technology may be "many enhancements" rather than "few enhancements", that is, it enhances the productivity of a small number of high-skilled workers rather than the majority of low-skilled workers. This transformation in economic structure therefore poses a challenge to policymakers, who must develop effective policies to cushion the shocks of technological change.

3.3.3. Long-Term Impact on the Labor Market

In the long term, the impact of ChatGPT and related technologies on the labor market may be more complex. On the one hand, they can create new jobs and industries and provide new employment opportunities for workers; on the other hand, they can also lead to the permanent disappearance of some jobs. Long-term unemployment and skills mismatches can lead to economic and social problems, including but not limited to wage stagnation, increased inequality, and increased pressure on social safety nets. As Susskind and Susskind point out, we may be moving towards a “jobless future” in which traditional employment roles and career paths no longer exist and human labor may no longer be the center of economic activity[5].

With the widespread application of artificial intelligence-based chatbots such as ChatGPT in the financial technology (FinTech) industry, its potential negative impact has become an issue that cannot be ignored. Although ChatGPT can provide convenient customer service, enhanced risk management and optimized trading algorithms, it also brings problems of information security, compliance risks and decision-making errors. In order to reduce these risks, advance layout research has become a key step in the industry.

4. Possible ChatGPT Improvement Method

4.1. Plan Research in Advance

4.1.1. Necessity of Research

The core of the fintech industry lies in its ability to respond quickly to market changes. The application of artificial intelligence in financial services is growing rapidly and is expected to cause major changes in the industry. Therefore, for the introduction of technologies such as ChatGPT, the industry must conduct comprehensive risk assessment and contingency planning to avoid potential negative impacts.

4.1.2. Determination of Research Areas

First, research should focus on the security of ChatGPT in terms of data processing and privacy. Since the financial industry relies on large amounts of sensitive data, any incident of data breach or misuse can have serious consequences. Secondly, research should evaluate the accuracy and reliability of ChatGPT in financial decision support systems to ensure the efficiency of its algorithms in predicting markets and managing risks. Finally, how to seamlessly integrate ChatGPT with existing systems and processes should be explored to ensure business continuity and service stability.

4.1.3. Implementation Strategy

The strategy for implementing advanced layout research should include the following steps: identifying key risk points, conducting simulation tests, formulating emergency plans, conducting continuous technical monitoring, and ensuring cross-department communication and cooperation.

Mock test. Before actual deployment, a simulated test environment is used to test the performance of ChatGPT under various extreme situations to evaluate its robustness in high-pressure environments.

Formulation of emergency plans. For each identified risk point, there should be a detailed emergency plan. These plans should include rapid response measures, data recovery plans and customer communication strategies.

Strengthened cross-departmental cooperation. Fintech companies should ensure there is adequate communication between technology teams and compliance, risk management and customer service departments to jointly manage the changes brought about by the introduction of ChatGPT.

4.2. Carry out Technical Cooperation

Tchnical cooperation can span different industries, fields and expertise to enhance the management and application of artificial intelligence tools such as ChatGPT through resource sharing, knowledge exchange and joint innovation.

Collaboration can occur at multiple levels, including but not limited to technology development, security protocols, compliance standards and ethical guidelines. In the fintech world, this means working with AI developers to improve models, working with security experts to develop data protection measures, working with regulatory advisors to ensure that AI applications comply with local and international regulations, and working with ethics scholars to discuss and develop the ethical use of AI. standard. The practice of technical cooperation can include joint research projects, technical exchange meetings, cooperative development agreements, and shared test platforms. For example, financial institutions can work with technology companies to develop proprietary AI models that can learn user behavior while better complying with financial regulatory requirements.

Joint research and development. Through cooperation, both parties can jointly invest in research and development to solve specific problems encountered by ChatGPT in financial services, such as improving the accuracy of trading algorithms or optimizing customer service processes.

Build a sharing platform. Build a shared platform that allows fintech companies to test and optimize ChatGPT technology in a secure environment. Such a platform can also be used for technology demonstrations and educational training to enhance practitioners’ understanding of AI technology.

Set industry standards. Working with different stakeholders, industry standards can be developed to ensure that the use of AI tools meets not only technical and safety standards, but also ethical and compliance requirements.

4.3. Strengthen Supervision

4.3.1. Construction of Regulatory Framework

Building a regulatory framework requires formulating clear policies and rules to govern the development and application of ChatGPT. These frameworks should take into account aspects such as data protection, user privacy, system transparency, and algorithmic fairness. As stated by Arner et al., financial technology innovation requires a dynamic regulatory system that can adapt to the development of new technologies [6].

4.3.2. Application of Regulatory Technology

The application of ChatGPT in financial services can be more effectively monitored and managed using regulatory technology Regulatory technology can help regulatory agencies monitor financial market dynamics in real time through automated tools and provide early warning of possible violations. These technologies can greatly improve the efficiency and effectiveness of supervision.

4.3.3. Ongoing Monitoring and Evaluation

Strengthening supervision should not just happen before ChatGPT is put into use, but should be an ongoing process. As artificial intelligence technology develops and application scenarios change, regulatory measures also need to be constantly updated to adapt to the new environment. This requires regulators to conduct regular assessments and reviews to ensure that the rules are modern and appropriate.

Natural language processing technologies such as ChatGPT have enormous potential in the fintech industry, but they have also brought some potential negative impacts. In order to maximize the advantages of technology and avoid its potential negative impacts, fintech companies, financial institutions, and regulatory agencies should take proactive measures, including conducting research in advance, conducting technical cooperation, and strengthening regulation. Only through a comprehensive approach can we ensure the long-term success of the fintech industry driven by technologies such as ChatGPT.

5. Conclusion

The main exploration of this paper is to help people with the impact of ChatGPT in the financial science and technology area. Research results show that ChatGPT communication, intelligent communication systems, customer service, investment, construction, style management, etc., can be implemented, and financial service efficiency can be improved.

However, the present paper is a space of change in existence. Future research allows in-depth exploration of ChatGPT's technical aspects, its effects on the law, and its ability to be integrated and maintained in the financial sector. In addition, it is possible to introduce more quantitative analysis methods, and to quantify the actual effects of ChatGPT in financial service.

Looking ahead to the future, researchers will be able to deepen their presence in ChatGPT, personalize financial services, increase private security, and further explore other areas such as the integration of previous technologies. This is an exhibition of activities in the financial science and technology field, which will provide future innovations and further research space.