European Central Bank is exploring the use of ChatGPT-like AI technology

The European Central Bank revealed recently that it is experimenting with an AI system similar to ChatGPT.

It has been almost a year since ChatGPT launched, and during this time, the AI technology went through a revolution that resulted in countless similar technologies that have since hit the market. From language models to image, music, video, and other generators, AI has slowly found its way into personal use, business use, and even governments.

The ECB is cautious but interested in the possibilities of AI

Now, the ECB intends to use a ChatGPT-like large-language model for software testing, document analysis, and similar use cases. The bank insists that it is still extremely cautious when it comes to the use of artificial intelligence, as it has large concerns regarding its safety and potential impacts on data privacy, ethical and legal considerations, and similar issues, according to its chief services officer, Myriam Moufakkir.

Moufakkir said in a blog post that by putting the appropriate governance, coordination, infrastructure, and investment in place, the ECB intends to pull together a number of different strands of its work on AI and speed up its adoption across the organization.

The central bank has a number of potential use cases in mind, such as writing of initial drafts of code for experts who would be able to use it in analysis, software testing, and alike. It also expects that the model would be able to analyze, summarise, and compare different existing documents previously prepared by other banks for which the ECB acts as a supervisor.

This would allow the bank to prepare summaries of such documents faster, draft briefings, and generally, speed up numerous processes significantly. Many of such processes are still done manually, which is time-consuming, and it still leaves the possibility of human error. By using AI to handle these processes, they could be completed in only a fraction of the time needed previously.

AI use cases continue to emerge

The arguments for using artificial intelligence have been listed by various entities countless times over the past year and even more in the history of this technology. But, with the breakthroughs seen in the last 12 months, it is clear that AI is here to stay and that researchers have only scratched the surface regarding its potential use cases.

For the ECB alone, a large language model could do everything mentioned previously but also improve texts and thus improve the central bank’s communication with the public. The bank’s future statements could be easier to understand.

At this time, the bank is already using neural network machine translations to help with communications across Europe by communicating to citizens of various countries in their native languages. With the addition of AI, this communication could be improved further while reducing the number of misunderstandings and translation mishaps.