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Moodys Corporation, the ratings agency and research firm, has become the first financial services company to leverage the power of Generative AI (GenAI) to launch a customer research platform that it says will save users hours every day.
The company announced on Tuesday the launch of Moodys Research Assistant, a first-of-its-kind search and analytical tool using GenAI and the latest large language models to help users explore its vast database of proprietary content.
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Built on Microsoft Corps MSFT Azure OpenAI service and using the GPT-4 model, Moodys said the platform was the first GenAI-powered research tool to become commercially available for financial market participants.
Moody's customers access and use Moody's Research Assistant via their subscriptions to CreditView or in their external productivity solutions.
Research and data analysis have long been considered a prime application of GenAI within financial services. Other major entities in this field, as identified by Retail Banker Internationals compilation of patent data, include Chinese group Nant and U.S.-based firms Palantir Technologies PLTR and Alphabet Inc GOOG GOOGL .
For financial market participants, successfully navigating today's complex risk landscape requires resource-intensive analysis of a vast array of research and data across a number of risk domains, said Cristina Pieretti, general manager of digital insights for Moody's Analytics.
With Moody's Research Assistant, analysis that used to take hours can now be accomplished in minutes, freeing up more time for strategic decision-making, she added.
Based on research from pilot tests, users could save up to 80% of the time spent on data collection, and up to 50% of the time spent on analysis by using Moodys platform, the company said.
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