ChatGPT for Financial Services: new version for banks

What's new

On September 10, OpenAI launched ChatGPT for Financial Services. It's a business edition of ChatGPT targeted at the financial industry. Initially, it's aimed at investment bankers and equity analysts. It was developed together with Morgan Stanley and Evercore, which served as design partners.

The product runs on GPT-6 Astra, OpenAI's newest model. According to the sources, it's built to be better at finding information in financial tools, at reasoning about financial problems and at delivering more precise answers.

What's clever

The clever part is that data comes included. ChatGPT can pull from data sources such as LSEG News, PitchBook, Crunchbase, Daloopa and Quartr. They cover, among other things, financial statements, transcripts of earnings calls and key figures for companies. The answers are meant to be easy to verify, because they include citations to the tables and text passages the figures come from.

Users can do research across several sources, build financial models and create client materials such as pitchbooks (presentations for clients) in the firm's own templates. That saves hours of routine work.

Security builds on ChatGPT Enterprise. There's role-based access control, encryption, single sign-on (SAML SSO), configurable data retention and separate workspaces that can be used as "information walls" between departments. Compliance departments can export logs to their monitoring systems.

Cheaper or better?

The price has not been disclosed. OpenAI has not published a standard price, a minimum deal size or precise requirements for who can get access. There's also no monthly price for ordinary users, because it's not a product for individuals. You have to contact OpenAI's sales team or your existing contact there.

It's also unclear whether and when the product will come to Denmark or the EU. Access depends on the size and type of institution and on restrictions from the data providers. We have not found measurements comparing it with competitors' finance solutions, so we can't say whether it's better. The sources mention no benchmarks.

What it's good at

The product is aimed at work in banks and financial firms. This applies especially to investment banking, where people do company analyses, valuations and presentations, and equity research, where people read financial statements and follow companies. It can save time when analysts would otherwise have to gather figures from many sources themselves.

For ordinary Danes, it has no direct significance yet. It does show, however, that AI companies are now building special editions for specific industries, not just one chatbot for everyone. The regular ChatGPT for individuals is unchanged.