OpenAI unveils ChatGPT for financial services
OpenAI has unveiled the specialized ChatGPT for Financial Services service for investment banking and stock market research. It is designed to analyze companies, financial data and prepare presentations—tasks traditionally performed by junior bankers on Wall Street, CNBC reports.
The new product is an adapted version of the corporate ChatGPT Work. It was developed with Morgan Stanley and Evercore as development partners, OpenAI Vice President of Product Nick Turley said. The service uses the GPT-6 Astra model.
Data analysis and presentations
During a demonstration, the platform analyzed a potential merger or acquisition target, retrieved financial metrics from specialized sources and created a formatted PowerPoint presentation in line with a bank's template. According to Turley, the system selects relevant comparable companies, transfers prices into a spreadsheet, cross-checks charts against data and explains declines and recoveries in share prices.
The new product differs from ChatGPT Work through built-in access to data from LSEG, Daloopa and PitchBook, including financial statements and transcripts of companies' earnings conference calls. It also provides automated access to users' existing data subscriptions.
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Control of deal materials
Among the functions for the financial sector are references to primary sources that allow data to be traced back to original documents and charts to be verified, as well as administrative tools for controlling confidential deal materials. Turley said there was significant demand for the product but did not name the banks that had already signed up to use it.
Asked about a possible reduction in the need to hire junior bankers, Turley described the service as a tool for improving employee productivity. At the same time, Goldman Sachs partner Chris Churchman, who leads one of the bank's key AI projects, previously warned that automating the tasks on which junior bankers train could weaken their thinking skills.
OpenAI also plans to release specialized solutions for other sectors. The company is competing for corporate clients with Anthropic and Google; Anthropic introduced its own Claude for Financial Services product last year.
