ChatGPT’s role on Wall Street is evolving.
OpenAI announced ChatGPT for Financial Services on Thursday, its latest foray into crafting AI tools for specific sectors. The product will bring a new glut of financial data directly into ChatGPT and provide bankers with a new way to check the tool’s work.
As OpenAI prepares for a gigantic initial public offering expected in 2027, its latest release fits into two of its larger strategies: selling tools companies can use to automate work and building on its core AI products with industry-specific offerings.
The finance industry has already started embracing AI tools. Morgan Stanley adopted ChatGPT early on, and leaders across Wall Street are pouring time and money into figuring out new ways to use AI.
OpenAI’s new product will let users work with financial datasets from Daloopa, PitchBook, and LSEG News without needing separate contracts or subscriptions. The company says bringing this data under the hood of ChatGPT will get analysts information more quickly and in better formats.
Financial analysts will also get a new way to check ChatGPT’s data work. They can get “granular citations” for information, letting them “trace figures and claims back to their sources, and check the evidence as their analysis develops,” OpenAI’s press release said.
OpenAI said it has improved its existing financial data features in ChatGPT and is working to add data from other providers, such as S&P Capital IQ, Factiva, and Moody’s.
GPT-6 Astra, the company’s latest model, can retrieve the right information, run financial analyses, and then synthesize those findings, OpenAI wrote.
The company plans to use this launch and its partnerships with banks to make more improvements down the road, saying it will train its models to “find, interpret, and use this data like we know the best analysts can.”
Sarah Friar, the chief financial officer steering OpenAI through the buildup to its IPO, teased the financial services announcement at a Goldman Sachs conference on Tuesday. She named the banking focus alongside areas like chip design, life sciences, personal finance, and health.
Have a tip? Contact this reporter via email at [email protected], or over text, Signal, Telegram, or WhatsApp at 415-757-8198. Use a personal email address, a nonwork WiFi network, and a nonwork device; here’s our guide to sharing information securely.
Read the original article on Business Insider
The post Wall Street already loves ChatGPT. Now OpenAI is doubling down. appeared first on Business Insider.
