ChatGPT for Financial Services is initially focused on investment banking and equity research, and it is designed to help bankers develop research, financial models and customized client materials. Its development was shaped by OpenAI’s design partnership with Morgan Stanley and Evercore, according to the release.
“Reliable access to data and high-quality artifact creation proved to be the biggest pain points for their teams,” OpenAI said in the release. “Our work with partners will inform post training, product improvements and our expansion into other financial services categories.”
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ChatGPT for Financial Services combines built-in financial data with the reasoning of GPT-6 Astra, and it will incorporate newer models as they are released, according to the release.
The experience includes datasets that cover earnings transcripts, financial statements, company fundamentals and private companies; access to the customer’s existing data subscriptions; more reliable connections to financial providers; GPT-6 Astra’s capabilities around information retrieval, financial reasoning and artifact generation; and the ability to turn analysis into valuation models, research notes and pitchbooks, per the release.
“ChatGPT for Financial Services is one way we serve customers across the industry, but we recognize that it will require a range of solutions to address the needs of the finance industry,” OpenAI said in the release. “OpenAI has a long history of collaborating with innovators to unlock novel AI solutions. Financial services firms and developers can use our API to build specialized applications for the needs they understand best.”
PYMNTS reported in March that vertical artificial intelligence startups are drawing investor attention as venture funding flows toward companies building systems designed to automate specialized industry workflows.
In April, PYMNTS reported that AI is going vertical, with a growing number of companies picking an industry and using the technology to rebuild its workflows from the ground up.
Anthropic announced in May that it debuted 10 new AI agents focused on financial services. The AI startup said these agents are designed to automate the “most time-consuming” tasks in the financial services space, including creating pitchbooks and conducting know-your-customer checks.
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