Bloomberg Develops Generative AI Model Trained on Financial Data

Bloomberg LP plans to add artificial intelligence (AI) features that answer questions about business.

The new BloombergGPT generative AI model, which will be integrated into the firm’s terminal software, can also replace company names with stock tickers, identify names in documents, write headlines and determine how a headline reflects a company’s financial outlook, CNBC reported Thursday (April 13).

Bloomberg built its GPT using off-the-shelf AI methods along with its proprietary data to make the tool fluent in financial and business matters, according to the report.

“There’s a lot of work we’re doing to help clients address that data deluge of news stories, whether that’s through summarization, or monitoring, or being able to ask questions on those news stories or transcripts,” Bloomberg Head of Machine Learning Product and Research Gideon Mann told CNBC. “There are a lot of applications there.”

BloombergGPT’s financial domain-focused capabilities will help both the firm itself and its customers, Bloomberg said in a March 30 press release.

“For all the reasons generative [large language models (LLMs)] are attractive — few-shot learning, text generation, conversational systems, etc. — we see tremendous value in having developed the first LLM focused on the financial domain,” Bloomberg Chief Technology Officer Shawn Edwards said in the release. “BloombergGPT will enable us to tackle many new types of applications, while it delivers much higher performance out-of-the-box than custom models for each application, at a faster time-to-market.”

The BloombergGPT model is one of many applications of generative AI that are being rolled out to address the unique needs of different industries.

For example, construction technology company Togal.AI has integrated with OpenAI’s ChatGPT to help its users interact with a library of construction data as though “having a conversation in layman’s terms … asking things like, ‘What are the specs for the exterior appliances in this building?’ or ‘How many toilets are in a building this size?’” TogalAI founder and CEO Patrick Murphy told PYMNTS in an interview posted Monday (April 10).

In another application of the technology, Auditoria.AI has added generative AI to its SmartBots that are trained in finance language to automate finance workflows and engage with the user’s customers, suppliers, vendors and stakeholders through conversational email.