OpenAI on the 10th (local time) launched an artificial intelligence (AI) service specialized for financial firms, "ChatGPT for financial services."
ChatGPT for financial services supports the full range of financial work, from research on corporations, industries, and markets to earnings announcements, corporate materials analysis, and drafting research notes. It is a product that tailors the enterprise service "ChatGPT Work" to investment banking (IB) and equity research tasks.
Nick Turley, OpenAI vice president and head of ChatGPT, said at the product unveiling event that "we are training ChatGPT to research like an analyst and to support conclusions based on evidence."
At the demo, Vice President Turley showed how ChatGPT analyzes potential merger and acquisition (M&A) target corporations. ChatGPT pulled financial figures from materials by financial data firms such as LSEG and PitchBook, and even produced PowerPoint materials in line with predefined style guidelines.
The launch is seen as OpenAI, which is preparing an initial public offering (IPO), moving to expand its business footprint in the enterprise AI market. OpenAI Chief Financial Officer (CFO) Sarah Friar said last month that revenue from the enterprise business surpassed revenue from the consumer business.