UNITED STATES: Financial services giant Moody’s has joined forces with Google Cloud to pioneer the development of generative AI tools tailored for financial analysis and insights.
This strategic partnership empowers Moody’s to integrate large language models (LLMs) into its suite of financial analytics services, revolutionizing how it interprets raw data.
Leveraging Google’s powerful serverless data warehouse, BigQuery, Moody’s gains the capacity to efficiently manage vast datasets and extract valuable insights effortlessly.
In tandem with Google, Moody’s is set to engineer cutting-edge LLMs that will empower financial professionals to craft comprehensive reports in significantly less time.
Nick Reed, Chief Product Officer at Moody’s, expressed confidence in the company’s ability to create highly effective LLMs for the financial sector.
Reed further highlighted the collaborative effort between Moody’s and Google Cloud to expedite the generation of proprietary insights.
According to a recent survey by GlobalData, over 50% of businesses identified AI as the most transformative technology in their sector in the first quarter of 2023, a trend that has persisted since the third quarter of 2021.
During an executive briefing on AI in the financial sector, GlobalData noted considerable excitement within the industry regarding the potential of generative AI in crafting personalized financial plans and advice.
In spite of this, GlobalData warned that the first uses of generative AI tools will not replace human workers because of strict rules in the financial sector and the fact that AI still has problems with hallucinations.
Looking ahead, GlobalData forecasts the global market for AI consulting and support services to reach an impressive $288 billion by 2030.
Also Read: Google Cloud To Invest $100 Million In Amwell To Transform Virtual Health Care
