Moody’s, a global provider of financial analytics, has announced a new partnership with Google Cloud to create artificial intelligence (AI) tools for the finance sector. The collaboration will leverage Google’s large language models (LLMs) and data warehouse to help Moody’s customers generate insights from massive amounts of financial data.
LLMs are AI systems that can process natural language and generate text for various purposes, such as summarizing reports, answering questions, or creating content. Moody’s plans to use Google’s LLMs to enhance its financial analytics services and enable faster and more accurate analysis of financial data.
Moody’s will also use Google’s BigQuery, a serverless data warehouse that can store and query petabytes of data. BigQuery will allow Moody’s to access and manage datasets from various sources and provide real-time feedback and recommendations based on the data.
Nick Reed, Moody’s chief product officer, said that Moody’s has the expertise and experience to develop LLMs for the finance industry.
“Moody’s deep expertise in understanding financial data, disclosures, and reporting uniquely position us to anchor development of fine-tuned large language models,” he said, “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.”
AI is considered as the most disruptive technology in the finance sector, according to a survey by GlobalData. More than 50% of businesses surveyed said that AI was transforming their industry in the first quarter of 2023. AI has been ranked as the most disruptive technology since the third quarter of 2021.
GlobalData also said that generative AI, which can create personalized financial plans and advice, is gaining popularity in the finance sector. However, it warned that generative AI still faces challenges such as regulatory compliance and data quality. Therefore, generative AI tools will be used to assist rather than replace human workers in the near future.
GlobalData predicts that the global market for AI consulting and support services will reach $288 billion by 2030.