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ChatGPT is a generative artificial intelligence (AI)-enabled chatbot that is trained using large amounts of data and utilises natural language processing (NLP) to engage in human-like conversations with users. It has been used in a wide range of different industries, with the banking and finance sector being one of the most successful. The biggest call for ChatGPT, however, is in the lending space, where it can be used for loan origination, providing customers with real-time guidance and support throughout the process, and helping lenders make better-informed loan approval decisions.
