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OpenAI is releasing ChatGPT for Financial Services, a new tool tailored to investment bankers and equity researchers that is its latest attempt to compete with rival Anthropic PBC to expand AI adoption among businesses.
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In a blog post Thursday, the company said the product will combine built-in data from sources including Daloopa, PitchBook and LSEG News with its new GPT-6 Astra model. The service will employ the company’s newer AI models as they are released.
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OpenAI is primarily targeting large financial institutions with the tool. The product fits within the startup’s ongoing efforts to increase its share of enterprise clients, which are more profitable than the consumers which for a long time made up the majority of its customer base. OpenAI chief financial officer Sarah Friar said this week at a Goldman Sachs conference in San Francisco that the company’s enterprise and consumer businesses reached a nearly balanced split earlier this year.
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ChatGPT for Financial Services’ datasets will include information like earning transcripts, financial statements and company fundamentals. The tool will have granular citations that let teams trace figures and claims back to their sources and confirm them.
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The feature’s goal, according to OpenAI’s blog post, is to help teams more easily and efficiently develop research, financial models and client materials in their firm’s unique formats.
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“We’re effectively teaching ChatGPT to research like an analyst and back up its conclusions like an analyst,” said Nick Turley, VP of product at OpenAI.
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Both OpenAI and Anthropic have filed confidential paperwork to go public, with the latter expected to IPO as soon as this fall, ahead of OpenAI.
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