OpenAI has launched ChatGPT for Financial Services, combining financial data, research and modelling tools to support investment banking and equity research teams.
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OpenAI ChatGPT for Financial Services is a platform developed by OpenAI that enables AI use in the finance sector. The system uses GPT-6 Astra, along with financial data and analytical and modelling resources, to help teams process information and develop client-related materials.
The platform currently targets investment banking and equity research. The company stated that its cooperation with Morgan Stanley and Evercore revealed certain needs, such as access to financial data and the ability to convert analysis into documents.
ChatGPT for Financial Services contains information from various sources such as PitchBook, Daloopa, LSEG News, and Crunchbase, which include details related to fundamentals, earnings, financials, and private companies. The data is indexed by OpenAI, and citations are provided to help verify the sources behind the statistics and claims.
Moreover, OpenAI is collaborating with Dow Jones Factiva, S&P Capital IQ, LSEG, MSCI, and Moody’s on sign-in and entitlement integrations. It depends on the providers’ permissions whether financial organisations with subscriptions can use these services via ChatGPT.
The platform comprises over 50 connectors, such as Preqin, Intapp, Datasite, Box, and FactSet. GPT-6 Astra is able to analyse financial documents, numbers, and tables before creating visualisations of the analysis as presentations, spreadsheets, and other deliverables.
Banks can even use PowerPoint, Word, and Excel templates for their teams. Customised templates and style guides will be helpful for employees who want to create research memos, pitchbooks, and valuations in their preferred format.
Enterprise controls of ChatGPT for Financial Services include SCIM provisioning, role-based access controls, and SAML single sign-on. The company stated that business data is not used for training by default and is encrypted both at rest and in transit.
Organisations are also able to set retention policies, control access to skills and applications, and create different workspaces to maintain information barriers between departments.
The solution is currently available to eligible financial institutions, and OpenAI plans to expand its use within the financial services industry. Business Honor observes that OpenAI is bringing financial data, analysis and document creation into a specialised AI workflow for financial institutions.
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