What is KYC with ChatGPT?

ChatGPT is a product from OpenAI which acts like a chatbot based on GPT technology. GPT stands for Generative Pre-trained Transformer. It is a type of Large Language Model, or LLM. Many companies, including Instabase leverage GPT models as part of their products. GPT models are pre-trained on billions of input data, and are used to help understand language in a similar way humans would. KYC stands for Know Your Customer and is an important process and regulatory requirement for most financial services organisations. KYC Automation is the idea of leveraging new technology to help automate the KYC process and improve risk understanding. Leveraging GPT models for underwriting automation then refers to the idea of automating tasks that have highly unstructured language data at its core like understanding complex identification documents such as passports, certificates of incorporation, or driver licenses.