The Finance AI Challenge: An Evaluation of the Top Six Free Webbased AI Models

29 Pages Posted: 4 Jun 2024

Date Written: June 02, 2024

Abstract

This article evaluates six free web-based AI models-ChatGPT, Gemini, Copilot, Claude, Perplexity, and Meta AI-in their performance on finance-related tasks. Utilizing a structured approach, we assessed the models' abilities to handle factual, conceptual, and computational queries, as well as their proficiency in Python coding through a financial case study. Our findings indicate that ChatGPT, Copilot, and Perplexity consistently excelled, particularly in delivering accurate, comprehensive, and well-structured responses. However, challenges such as maintaining context, ensuring factual accuracy, and mitigating biases persist. The study underscores the need for future research to enhance domain adaptation, explainability, and ethical considerations to ensure reliable and responsible use of AI models in finance.

Keywords: Generative AI, Financial analysis, ChatGPT, AI models comparison, Python coding proficiency Subject classification codes: G10

Suggested Citation

Krause, David, The Finance AI Challenge: An Evaluation of the Top Six Free Webbased AI Models (June 02, 2024). Available at SSRN: https://ssrn.com/abstract=4851699 or http://dx.doi.org/10.2139/ssrn.4851699

David Krause (Contact Author)

Marquette University ( email )

College of Business Administration
P.O. Box 1881
Milwaukee, WI 53201-1881
United States

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