ISLAMABAD: OpenAI has launched a specialized version of ChatGPT for the financial services industry, targeting labor-intensive work traditionally done by junior investment bankers and equity research analysts.
Called “ChatGPT for Financial Services,” the new product is designed to help financial institutions conduct company research, analyze financial data, build financial models and produce client materials such as pitchbooks. It is initially focused on investment banking and equity research.
The product is built on OpenAI’s ChatGPT work platform and powered by the company’s latest model, GPT-6 Astra, which OpenAI says is designed to improve financial-data retrieval, reasoning and the generation of work products.
OpenAI said that it developed the service with Morgan Stanley and Evercore as design partners.
“Their involvement helped the company identify the research, analysis and presentation tasks where AI could provide the greatest benefit to financial professionals.”
“We’re effectively teaching ChatGPT to research like an analyst and back up its conclusions like an analyst as well,” OpenAI Vice President of Product Nick Turley said during a briefing on the launch.
The new system differs from standard enterprise versions of ChatGPT by providing built-in access to financial datasets from providers including Daloopa, PitchBook and LSEG News.
OpenAI said that the data is indexed and hosted on its infrastructure, allowing users to retrieve information more efficiently and trace figures and claims back to specific sources.
Future role of junior bankers under threat?
In a demonstration, the company showed ChatGPT analyzing a potential merger-and-acquisition target, retrieving financial information, conducting analysis and producing a PowerPoint presentation using a bank’s existing formatting and style guidelines.
The capabilities target workflows that can take junior bankers significant time, including collecting company information, comparing financial figures, preparing valuation analyses and creating presentations.
The launch nevertheless raises questions about the future role of entry-level bankers, whose jobs have traditionally involved carrying out much of this research and analytical work while developing the skills needed to advance in the industry.
The comparison highlights OpenAI’s broader argument that AI can help financial professionals do more sophisticated work faster rather than simply eliminating jobs.
Still, the development comes amid growing debate on Wall Street about how artificial intelligence could affect the traditional apprenticeship model. Junior bankers typically spend years learning through tasks such as financial research, spreadsheet analysis and presentation preparation before moving into more senior roles.
OpenAI said that ChatGPT for Financial Services is available to eligible financial institutions and plans to expand the product beyond investment banking and equity research into other areas of financial services.
The launch puts OpenAI in direct competition with other AI companies seeking a larger foothold on Wall Street, including Anthropic, which has developed its own financial-services offering.