ChatGPT and Financial Reference Data
If you are like most people who have tried ChatGPT, you have been quite impressed by the results for a good reason. Generative AI is the new trending technology for 2023. DALLE-2 generates images, Copilot from Microsoft generates code, and ChatGPT responds with text. You are no doubt already aware that the latter ChatGPT (GPT stands for "generative pre-trained transformer") by [OpenAI](https://openai.com/) has become extremely popular. OpenAI is among the first companies to make the latest generation of a large language model (LLM) quickly and widely available for use by non-specialists.
In this post, I look into possible applications of large language models for financial reference data, mainly using OpenAI's current offering, which is not yet a production release. OpenAI has several models, but the most suitable model for generating reference data is text-davinci-003 (followed by text-curie-001). I use the text-davinci-003 model in the following examples, except for transcription and translation, which I evaluate using the Whisper Model and ChatGPT. The models are used without any additional tuning to improve performance. I have selected six areas to test.