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Artificial Intelligence Authoring Financial Recommendations: Comparative Australian Evidence

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  • Ben Neilson

Abstract

This article explores the use of artificial intelligence software to create financial recommendations. It seeks to define the impacts and outline the benefits of using ChatGPT software in the highly regulated Australian financial sector. ChatGPT was asked to create a financial recommendation, which was evaluated against the relevant regulations and the recommendations of existing professionals and market contributors. The data generated was analysed using Qualtrics analysis techniques. The findings suggest that ChatGPT significantly reduces the time required to carry out creation, input, and editing services for simple financial advice recommendations. However, ChatGPT fails to operate effectively with complex financial advice and requires professional guidance to ensure regulatory adherence. In future, it may be possible to develop ChatGPT as a complementary tool to decrease the time and cost required to create financial recommendations.

Suggested Citation

  • Ben Neilson, 2023. "Artificial Intelligence Authoring Financial Recommendations: Comparative Australian Evidence," Journal of Financial Regulation, Oxford University Press, vol. 9(2), pages 249-257.
    • Handle: RePEc:oup:refreg:v:9:y:2023:i:2:p:249-257.
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    File URL: http://hdl.handle.net/10.1093/jfr/fjad004
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    Cited by:

    1. Neilson, Ben Oakley & Lee, Steven J., 2024. "Identifying the properties and impact of education on misconduct: Evidence from Australian financial advisers," International Journal of Educational Development, Elsevier, vol. 105(C).

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