Moody's will allow machines to write research reports.

Oct 24
The goal of Moody's Corp.'s new generative artificial intelligence-based technology is to reduce the amount of time people spend generating reports and processing vast volumes of data.

According to Nick Reed, the company's chief product officer, "The rating agency provides employees with large language models from Google Cloud that will allow them to quickly review both public documents and the company's database to help them write analyses."

The objective, according to him, is to give a larger variety of workers access to initiatives that traditionally require knowledge in fields like programming, finance, and accounting.
It's the most recent indication that the largest financial institutions in the world are testing various applications of artificial intelligence.

PricewaterhouseCoopers LLP and OpenAI, the company that owns ChatGPT, announced earlier this month that they will collaborate to offer clients advice based on the technology. KPMG made a $2 billion investment in Microsoft Corp.'s initiatives in the area of generative artificial intelligence and cloud services.

According to Philip Moyer, deputy president of artificial intelligence and business solutions for Alphabet Inc.'s Google's cloud division, the software will leave an electronic trail for Moody's indicating where the information quoted came from.

He said that it ought to stop the technology from "hallucinating," a term created by developers to characterize situations in which sizable language models produce results that appear plausible but are false.

Moody's will also make its massive language models available to other financial institutions so that they can use them to evaluate data for standard jobs.

"This is about democratizing access to this information," Moyer stated. "It's about building a model that enables non-native speakers of this language to interact with this information," the author says.

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