Some traders say ChatGPT gives them out-of-date information and they waste time fact-checking
It's concerns about accuracy, not leaked information, that's the stumbling block for the traders who spoke to Bloomberg. They appear to be using the tool to cut down on the more tedious aspects of their jobs, but fact-checking the information is, in part, making that redundant.
One oil trader found there was out-of-date information in the crude market outlook written by ChatGPT that had to be changed, per Bloomberg. And while one bank employee found it compiled an overview of a client in less time than an internet search would take, the info it gathered then had to be cross-checked.
"When we talk of high-accuracy task, it is worth mentioning that ChatGPT sometimes hallucinates and can generate answers that are seemingly convincing, but are actually wrong,""At this stage, the best practice is for highly educated users to spot the mistakes and use Generative AI applications as an augmentation to existing labor rather than substitution," they added.
Despite the potential drawbacks with the tool, Wall Street expects to see a shake-up from AI tech, which already underpins algorithmic trading., a recent JPMorgan survey found — double the figure in the same survey carried out the year before.
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