Finance & Economics

Central Bank of Ireland Blocks Staff Use of ChatGPT

The Central Bank of Ireland has decided to ban the use of chatbot ChatGPT with artificial intelligence (AI) by employees of a financial institution.

Central Bank of Ireland Blocks Staff Use of ChatGPT

Source: Pixabay.com

This decision was made following the provisions of the bank’s policy on security in cyberspace. Also, the financial institution has applied technical and organizational measures aimed at ensuring the permanent protection of the bank.

Currently, three other Irish banks, including AIB, Permanent TSB, and Bank of Ireland, are considering the possibility of introducing a similar ban.

ChatGPT, which became a sensation at the end of last year and is likely to be mentioned in news feeds until the end of 2023, is perceived with caution and some concerns in the financial sector. Financial institutions are in no hurry to entrust the management of huge cash flows to artificial intelligence.

In February, JP Morgan announced the establishment of a ban on the use of a chatbot by bank employees during internal communications. Then similar measures were taken by other Wall Street companies, including Goldman Sachs, Citigroup, Wells Fargo, Bank of America, and Deutsche Bank.

Currently, many financial institutions are using a penalty measure of influence in the case of communication between their employees through social networks.

In the United States, the Securities and Exchange Commission imposed fines of more than $ 1 billion on several Wall Street firms, and also asked several hedge funds to monitor their workers’ devices for using social networks to conduct business, make transactions and conclude deals.

The world community ambiguously perceives and evaluates ChatGPT. Someone sees a chatbot as a harbinger of higher intelligence that will surpass human intellectual capabilities. Someone is negative, suggesting that ChatGPT is a potential threat to humanity.

As we have reported earlier, Central Bank of Ireland Warns Payment Firms About Governance Problems.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.