OpenAI launches ChatGPT for financial services

Key facts

• OpenAI launched ChatGPT for Financial Services on Thursday.
• The product combines OpenAI's latest AI model with financial data from LSEG, PitchBook, and Daloopa.
• Morgan Stanley and Evercore were design partners in its development.
• It is powered by OpenAI's newest model, GPT-6 Astra.
• The service allows users to conduct research, build financial models, and generate client materials.
• It includes enhanced security controls and allows for export of workspace logs into audit workflows.

OpenAI has introduced a specialized version of its ChatGPT AI model tailored for the financial services industry. The product, named ChatGPT for Financial Services, integrates the company's latest AI model, GPT-6 Astra, with financial data from providers such as LSEG, PitchBook, and Daloopa. Developed in collaboration with Morgan Stanley and Evercore as design partners, the service aims to assist professionals like investment bankers and equity researchers.

The new offering builds upon ChatGPT Enterprise's security features, including role-based access and encryption, and is designed to meet the data governance and security requirements of regulated industries. Users can leverage the platform to conduct research across multiple data sources, construct financial models, and generate client-facing materials like pitchbooks, utilizing their firm's templates. OpenAI plans to expand the range of financial data available and further train its models to interpret and apply this information to tasks traditionally performed by experienced analysts.

The service incorporates datasets covering earnings transcripts, financial statements, and company fundamentals from various providers, including Crunchbase, Quartr, and others. OpenAI stated that this data is indexed on its own infrastructure to enhance retrieval and citation accuracy. Firms that already subscribe to data services from FactSet, S&P Global, Preqin, and Datasite can integrate them with the new product. OpenAI intends to extend the product's reach beyond investment banking and equity research to encompass the broader financial services sector.