10 Ways to Use ChatGPT for Finance Like a Pro
September 28, 2023
These prompts show how versatile AI like ChatGPT can be in handling finance-related tasks. Each task could potentially save lots of time and ensure accuracy in your analysis.
1. Generating Financial News Briefs
ChatGPT generates financial news briefs, providing data such as source, summary, key metrics (stock performance, revenue figures), and disclaimers. Choose a topic to generate the summary.
Prompt: “Generate financial news brief on [insert topic] based on your information”.
2. Generating Reports
Use ChatGPT to create concise and descriptive reports.
Prompt 1: "Generate a comprehensive monthly financial report for [your company/organization name], including revenue, expenses, profitability, and cash flow for the last quarter."
Prompt 2: “Generate a comparative analysis report for [your company/organization name] and its top three competitors, focusing on key financial metrics like revenue growth, profit margins, and return on investment.”
3. Question Answering
Two methods for using ChatGPT: with or without specific data. With data, you can ask questions to analyze patterns, suggest best practices, state profitability, financial ratios, liquidity, and provide investment opportunities.
Prompt: Best investment opportunities for parent company "OpenAI" based on available financial data?
4. Interactive Data Analysis
ChatGPT supports interactive data analysis by providing cues for visual representations and real-time updates.
Prompt: “Create a line bar for financial data indicating zig zag development”.
5. Forecasting Narratives
ChatGPT can help businesses create powerful models that can forecast future market scenarios based on data.
Prompt: We have forecasted from a predictive model that has shown that the sales for our pharmaceutical company will increase by 20% in the next quarter. Can you generate a narrative that describes the forecast in easy-to-understand terms?
6. Translating Financial Jargon
ChatGPT could convert professional financial terms into simple terms, making financial data easier to understand for non-expert users or consumers and bridging the knowledge gap.
Prompt: Could you explain the following terms in simple language: “liquidity”, “capital pricing”, and “security in market analysis”?
7. Training and Simulation
ChatGPT can review and analyze current policies and feedback to determine and bring about areas for change.
Prompt: Can you generate a hypothetical situation for a downfall in the market and then provide suggestions for a financial analyst to work through this situation?
8. Automated Customer Interactions
In a banking setting, consumers might inquire regarding their account balance, latest transactions, or credit card benefits and get instantaneous, precise responses.
Prompt for a bank chatbot: “What is my last transaction?” “What is the balance amount in my account?”
9. Creating Investment Summaries
ChatGPT can quickly generate summaries from multiple options. For instance, I asked it to generate the parameters.
Prompt: “Summarize the important aspects of the R&D sector of disease-based companies crucial for judgment about investment.”
10. Analyzing Text Data
ChatGPT can assist in analyzing financial reports, news, market sentiments, risk assessment, financial planning, forecasting, and compliance processing.
Prompt: "Analyze the text data below for financial insights and trends. Then write a summary of your findings in 100 words. [Text Data]"
