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Comparative Business Study: Claude Models vs GPT-4

Which is better for your organization? Claude-3 or GPT-4

March 14, 2024

Which is better for your organization? Claude-3 or GPT-4, Comparison between AI Models
TL;DR Summary
Why is AI important in the banking sector? The shift from traditional in-person banking to online and mobile platforms has increased customer demand for instant, personalized service.
AI Virtual Assistants in Focus: Banks are investing in AI-driven virtual assistants to create hyper-personalised, real-time solutions that improve customer experiences.
What is the top challenge of using AI in banking? Inefficiencies like higher Average Handling Time (AHT), lack of real-time data, and limited personalization hinder existing customer service strategies.
Limits of Traditional Automation: Automated systems need more nuanced queries, making them less effective for high-value customers with complex needs.
What are the benefits of AI chatbots in Banking? AI virtual assistants enhance efficiency, reduce operational costs, and empower CSRs by handling repetitive tasks and offering personalized interactions
Future Outlook of AI-enabled Virtual Assistants: AI will transform the role of CSRs into more strategic, relationship-focused positions while continuing to elevate the customer experience in banking.
Why is AI important in the banking sector?The shift from traditional in-person banking to online and mobile platforms has increased customer demand for instant, personalized service.
AI Virtual Assistants in Focus:Banks are investing in AI-driven virtual assistants to create hyper-personalised, real-time solutions that improve customer experiences.
What is the top challenge of using AI in banking?Inefficiencies like higher Average Handling Time (AHT), lack of real-time data, and limited personalization hinder existing customer service strategies.
Limits of Traditional Automation:Automated systems need more nuanced queries, making them less effective for high-value customers with complex needs.
What are the benefits of AI chatbots in Banking?AI virtual assistants enhance efficiency, reduce operational costs, and empower CSRs by handling repetitive tasks and offering personalized interactions.
Future Outlook of AI-enabled Virtual Assistants:AI will transform the role of CSRs into more strategic, relationship-focused positions while continuing to elevate the customer experience in banking.
TL;DR

Artificial Intelligence (AI) has made significant strides in recent years, with language models like Claude Models and GPT-4 leading the way. This blog post provides a comprehensive comparison of these two models, discussing their accuracy benchmarks, pricing, outputs, pros, and cons.

Accuracy Benchmarks

Claude Models

Claude Models, particularly Claude 3, have shown impressive performance in various benchmarks. In logical reasoning tests requiring deductive, inductive, and abductive inference, Claude scores around 70% accuracy. However, it’s worth noting that this lags behind human expert performance of 85-92% on comparable test suites.

GPT-4

GPT-4 exhibits human-level performance on various professional and academic benchmarks. For instance, it passes a simulated bar exam with a score around the top 10% of test takers. It also displays sizable jumps in its reasoning and comprehension capabilities, with 40% higher scores on high school math and science exams, 90% reading comprehension accuracy summarizing books and articles, and 80-90% accuracy answering advanced science questions.

Pricing

Claude Models

Claude Models offer different pricing for their models. For instance, Claude 3 Opus, their most powerful model, is priced at $15 per million tokens for input and $75 per million tokens for output. They also offer a cheaper model, Claude Instant, priced at $0.25 per million tokens for input and $1.25 per million tokens for output.

GPT-4

OpenAI offers different pricing for GPT-4. For instance, for models with 128k context lengths, the price is $0.01 per 1k prompt tokens. They also offer a subscription service, ChatGPT Plus, which costs $20 a month and provides access to GPT-4.

Strong Areas

Claude Models

Claude Models excel at open-ended conversation, collaboration on ideas, coding tasks, and working with text. They also offer advanced vision capabilities, allowing you to process and analyze visual input such as charts, graphs, and photos.

GPT-4

GPT-4 leverages its advanced AI language model to generate human-like responses on a variety of topics. It’s an invaluable asset for conversation, providing answers, creating text, and more.

Context Length

Claude Models

Claude Models offer excellent long document capabilities and can process up to 200,000 pieces of information.

GPT-4

GPT-4 offers enhanced creativity and time-saving benefits. However, it is significantly more expensive than its predecessor, GPT-3, and requires large amounts of data and compute, which can be cost-prohibitive for some. GPT-4 has a maximum content length of 32k.


Summary

The Verdict

After testing the Claude 3 Opus model for a day, it seems like a capable model but falters on tasks where you expect it to excel. In our commonsense reasoning tests, the Opus model doesn’t perform well, and it’s behind GPT-4 and Gemini 1.5 Pro. Except for following user instructions, it doesn’t do well in NIAH (supposed to be its strong suit) and maths.

Also, keep in mind that Anthropic has compared the benchmark score of Claude 3 Opus with GPT-4’s initial reported score, when it was first released in March 2023. When compared with the latest benchmark scores of GPT-4, Claude 3 Opus loses to GPT-4, as pointed out by Tolga Bilge on X.

That said, Claude 3 Opus has its own strengths. A user on X reported that Claude 3 Opus was able to translate from Russian to Circassian (a rare language spoken by very few) with just a database of translation pairs. Kevin Fischer further shared that Claude 3 understood nuances of PhD-level quantum physics. Another user demonstrated that Claude 3 Opus learns self types annotation in one shot, better than GPT-4.

So beyond benchmark and tricky questions, there are specialized areas where Claude 3 can perform better. So go ahead, check out the Claude 3 Opus model and see whether it fits your workflow.

At Fluid AI, we stand at the forefront of this AI revolution, helping organizations kickstart their AI journey. If you’re seeking a solution for your organization, look no further. We’re committed to making your organization future-ready, just like we’ve done for many others.

Take the first step towards this exciting journey by booking a free demo call with us today. Let’s explore the possibilities together and unlock the full potential of AI for your organization. Remember, the future belongs to those who prepare for it today.

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