Financial services company Moody’s has partnered with Google Cloud to create generative AI tools for financial analysis and insights.
The new partnership will allow Moody’s to bring large language models (LLMs) to its financial analytics services as well as provide Moody’s with a new, faster way to understand its raw data.
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Moody’s will be able to access datasets through Google’s serverless data warehouse BigQuery. Moody’s state that this will help customers manage large amounts of data and directly pull advice from it with ease.
Alongside Google, Moody’s plans to build new LLMs which will support financial professionals to create more in-depth reports in a shorter amount of time.
Nick Reed, Moody’s chief product officer, stated that the company was in a positive position to create successful LLMs for the financial sector.
“Moody’s deep expertise in understanding financial data, disclosures, and reporting uniquely position us to anchor development of fine-tuned large language models,” he stated, “research teams at Moody’s and Google Cloud will collaborate on fine-tuned LLMs and AI applications that will enable financial service professionals to produce new, proprietary insights faster than ever before.”
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By GlobalDataOver 50% of businesses answered in a GlobalData survey that AI was the most disruptive technology transforming their sector in the first business quarter of 2023. AI has currently ranked the most disruptive technology since the third business quarter of 2021.
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However, it did warn that since the financial sector is strictly regulated and generative AI continues to struggle with hallucinations, early adoptions of generative AI tools will be to assist rather than replace human workers.
By 2030, GlobalData predicts that the worldwide market for AI consulting and support services will be worth $288bn.
