Ratings and research firm already rolled out Microsoft AI assistant to its employees
(Bloomberg) — Moody’s Corp. is using Microsoft Corp. and OpenAI to create an artificial intelligence assistant that will help customers of the credit rating and research firm analyze reams of information needed to make assessments of risk.
“Moody’s Research Assistant” will roll out to customers including analysts, bankers, advisers, researchers and investors. The company expects to have a version to show some clients later this year, Chief Executive Officer Rob Fauber said in an interview. Moody’s also envisions future AI assistants for tasks such as lending and underwriting, he said.
The company said Thursday that it has already rolled out AI assistant technology from Microsoft to Moody’s 14,000 employees, who are using it to help search vast troves of internal information, including Moody’s Orbis database on companies.
Microsoft, the biggest investor in OpenAI, has seen a surge in demand from corporate customers who want to use the Azure OpenAI service in order to access the startup’s models in the cloud. These clients can, for example, use the language generation and chatbot capabilities of Open AI’s ChatGPT and GPT4 to write their own applications for employees and customers. Microsoft has reported 2,000 new clients signed up for the service in the first half of the current quarter.
“Our customers have to deal with a wide range of different risks — it’s no longer just about credit risk, you have to understand the reputational profile of who you’re doing business with, the cyber risk, carbon transition, physical risk relating to climate change, financial crime and sanctions,” Fauber said. “This technology has so much promise because it makes it so much easier to be able to pull from those different content and data sets and bring them together and deliver insights in a very natural, intuitive way.”
Moody’s has been using Microsoft’s Office and corporate cloud tools, as well as moving some of its applications into the Azure cloud, said Bill Borden, vice president of worldwide financial services for Microsoft. Moody’s had also been working directly with OpenAI but given the speed and scale of what it wanted to do with the assistant technology, the company decided it needed Microsoft’s involvement, Fauber said.
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