ChatGPT, the AI chatbot, has taken the world by storm over the past few months. It took Netflix 3.5 years to reach one million users, Facebook ten months and Spotify five months. ChatGPT got to the first million users in five days. In two months after that, ChatGPT reached 100 million active monthly users.

But first things first. 

What is artificial intelligence (AI)?

Artificial intelligence refers to computer systems designed to perform tasks that usually require human intelligence, such as recognizing speech, identifying patterns or making decisions. 

By its own description, ChatGPT is “an AI-powered chatbot developed by OpenAI, based on the GPT (Generative Pretrained Transformer) language model. It uses deep learning techniques to generate human-like responses to text inputs in a conversational manner.”

With a whopping 175 billion parameters, GPT-4 (the latest version of GPT) is the largest and most powerful language-processing AI model to date.

Is ChatGPT free to use?

Yes, the basic version of ChatGPT is free to use. OpenAI also has a paid, premium version called ChatGPT Plus that costs $20 per month. ChatGPT Plus provides access during peak times and first access to new features. 

How do I access ChatGPT?

You can access it on its website. No downloading of software or an app is required. The main screen greets you with “Examples,” “Capabilities” and “Limitations.” We will get to examples in more detail later in this article. For now, let’s focus on capabilities and limitations.

Unlike a search engine like Google, where every search needs to start from scratch, ChatGPT can take follow-up instructions. For example, you can ask ChatGPT, “Plan my trip from London to Paris and include the top places to visit if I am staying for a day.” When it responds with the plan, you can ask it to “Give a cost estimate of the trip but exclude visiting Eiffel Tower.” ChatGPT knows what it answered as part of the earlier question and adjusts the response accordingly.

As for the “limitations,” it’s not always correct, and much data has not been updated after 2021.

ChatGPT for lenders

Several use cases exist for mortgage companies and loan officers to use ChatGPT and AI.

AI chatbots can help improve customer service by providing 24/7 support, reducing response times and handling routine inquiries. 

AI can be used to provide a more personalized experience for mortgage customers. By analyzing customer data and behavior, AI can identify individual preferences and needs, allowing mortgage companies to tailor their services to each customer’s unique needs.

AI can also help with risk management and fraud detection by enhancing data accuracy.

And I can go on and on about this.

But since I have limited space and you have limited time, let’s dive into the top two tasks that will make you more efficient and productive and help you generate more leads.

Task #1 – Social media management

ChatGPT can perform virtually any task when it comes to social media. Let’s start by asking it to create a content calendar for a week (you can do this for a month or even a year)

That’s two posts a day for seven days straight. But I wanted more than just the ideas; I wanted it to do more work. So, here’s what I asked it to do.

I found that a tad boring. So, I had a follow-up task.

It can also write the same script in Spanish or dozens of other languages.

Here are some of the capabilities of ChatGPT with social media marketing:

• It can create a content calendar to help you plan what kind of content will work best for you
• It will write most of the content for you
• It can revise the content in any tone you wish if you have already written it, even adding a touch of humor
• For videos, it can suggest just the title and the description, or it can write the script of the entire video (as evidenced above)

Task #2 – Email marketing through persuasive copywriting

ChatGPT can write original emails and respond to emails. These are different from your plain boring emails. They can be persuasive, use sales closing techniques and sound like a legal draft, as referenced in a CNN news article about an agent named Asion:

Recently, a client reached out to Asion with a problem: the woman had moved into a pre-construction home and couldn’t open her windows. She had attempted to contact the developer for months with no response. Asion ran a copy of one of her emails through ChatGPT, asking it to rewrite it with an emphasis on the liability implications.

“ChatGPT wrote it as a legal issue and all of a sudden, the developer showed up at her house,” he said.

Let’s look at another example.

Then I asked it to write the same email using a different persuasive framework. So, you can pick and choose the version you like better.

How to get better answers from ChatGPT

While this is as easy as typing a search phrase on Google, the trick to getting better results is writing better prompts (instructions). 

Here is the anatomy of a perfect prompt:

Simulate Persona -> Task -> Context and/or Constraints -> Goal -> Format Output

Go from a good prompt like “Give me good social media marketing ideas” to a great prompt like “For a loan officer in Dallas, Texas, create a social media marketing strategy for a week to engage the audience with ideas for posts, stories and videos” using the anatomy of a perfect prompt mentioned above. 

Want to see more case studies? Download the free ebook “ChatGPT For Lenders” on www.ChatGPTForLenders.com