Bloomberg, a top provider of financial data services, has introduced an AI model that seeks to transform the finance industry in a similar way to how programs like OpenAI’s ChatGPT have revolutionized written communications.
The company’s research paper, released on Thursday, outlines the development of BloombergGPT, a new large language model that has been trained on a huge amount of financial data to aid in various natural language processing tasks in the finance sector. Essentially, Bloomberg GPT is a sophisticated machine learning software capable of quickly analyzing financial data to assist with risk assessment, financial sentiment analysis, and even potential automation of accounting and auditing tasks.
In a statement, Bloomberg noted that the intricacy and distinctive vocabulary of the finance industry necessitate an AI that has been specifically trained with financial datasets. BloombergGPT will have access to the vast amount of data on the Bloomberg Terminal, a computer software system used by financial professionals and investors to access real-time market data, breaking news, financial research, and robust analytics.
