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Generative artificial intelligence and investment recommendations

conference contribution
posted on 2024-05-20, 20:43 authored by Kumbirai Mabwe, Nasir Aminu, Stanislav Ivanov, Diyan Dimov

Generative AI has created a wave of disruptive innovation that will influence all industries globally. The finance and investment discipline is not immune from this wave. Generative artificial intelligence tools have the potential to revolutionise investments as they can do what investment practitioners should do, namely, making investment recommendations. Their ability to efficiently extract and process a wide range of information makes them suitable to serve as financial and investment advisors. For instance, ChatGPT has been found to be capable of serving as a financial advisor as it exhibits a higher level of financial literacy than human investors who make random guesses. But the question remains: how accurate, specific, relevant, and justified are the recommendations?

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