Every organization on the planet is intent on creating a great user experience – the best possible combination of clicks and swipes to make the task at hand as frictionless as possible. However, as technologies like ChatGPT continue to develop, “clicks and swipes” will end up at some fintech museum right next to a 1200-baud modem. Instead, consumers will converse in natural language with virtually everything around them. Instead of a bunch of individual user experiences, consumers will be able to enjoy a unified digital life experience.

In this episode of The Digital Banking Podcast, our Josh DeTar welcomed Mason Stone, the Director of National Sales at Paymentus. Stone and DeTar discussed why it’s efficient to use technology like a smart home network. They also discussed bill payments and the significance of ChatGPT.

⚡ Using a smart home network is efficient.

A smart home network offers homeowners a range of benefits, including enhanced comfort, convenience, security, and energy savings. As technology continues to evolve, smart home networks will become increasingly popular and affordable. Stone has every device connected to his smart home network, claiming that the technology makes him more efficient. “It’s just trying to make things easier and faster,” he said “It’s trying to make the whole experience easier for you and require less effort … In the end, it has saved me a significant amount of time, even just turning lights off or saying, ‘Hey, I’m leaving the house.’ These different routines I have set up, they save time. And a lot of this technology will translate into the technology offered through providers like us.”

⚡ The real significance of ChatGPT.

ChatGPT, an AI-based language model designed to understand natural language and generate human-like responses to various queries and prompts, is a hot topic. It is a powerful tool that can be used for a range of applications, but according to Stone, a lot of people don’t realize the significance and the impact that ChatGPT and similar technologies are going to have on businesses. ” ChatGPT is a language model. They’re called large language models,” explained Stone. “They can essentially understand the way humans communicate, and they can replicate it so they can tell us things that would sound like a response from a real human, and in my opinion, that is foundational to some really groundbreaking technology because now a computer can understand the way we communicate. It can understand what we’re asking for. In the past, if you wanted to write a program, you had to code it. You had to tell it where to click; there had to be code behind everything.”

⚡ ChatGPT will have a major impact on every aspect of digital banking and payments.

ChatGPT can help banks and payment providers deliver a more personalized and efficient customer experience while also improving security and fraud prevention. Overtime, however, this will fundamentally change the user experience for mobile banking apps. Instead of clicking buttons and typing numbers, users will be able to converse with their digital banking apps. “ChatGPT is based on version 3.5, and that could pass the bar better than about 10% of humans,” noted Stone. “GPT4 was just released, which can process pictures, icons, and things like that. It can pass the bar better than 80% of humans. And that’s just half a version of progress. I think we’re going to probably get a new version within a year. It’s going to change everything.”