Bloomberg has released BloombergGPT. It is a new large-scale language model (LLM) trained on huge amounts of financial data and useful for various natural language processing (NLP) activities in the financial sector. BloombergGPT is a state-of-the-art AI that can quickly assess financial data to aid in risk assessment, measure financial sentiment, and in some cases even automate accounting and auditing activities.
According to a Bloomberg statement, the complexity and unique vocabulary of the financial business requires AI specially trained in financial information. Bloomberg Terminal, the computer software platform used by investors and financial professionals to access real-time market data, breaking news, financial research and advanced analytics, will be accessible through Bloomberg GPT.
BloombergGPT is the first step in the development and application of this new technology for the financial industry. Using this model will allow Bloomberg to enhance its current financial NLP capabilities. This includes sentiment analysis, named entity recognition, news classification, question answering, and more.
Additionally, Bloomberg GPT opens up new possibilities for organizing the vast amounts of data available on the Bloomberg Terminal. This will allow us to better serve our clients and bring the full potential of AI to the financial industry.
According to a Bloomberg research paper, generic models can perform well on a wide range of tasks, so they don’t need to be specialized during training. However, results from existing domain-specific models indicate that general models are no substitute.
The majority of applicants at Bloomberg are in the financial sector, and while specific models are best suited, we support a very large and diverse collection of jobs that the general model does well. Bloomberg’s aim was to create a model that not only performs well on general-purpose LLM benchmarks, but also excels at producing excellent results on financial benchmarks. Compared to GPT-3 and other LLMs, BloombergGPT shows competitive performance on common tasks and outperforms them on some finance-specific tasks.
There are numerous applications of natural language processing (NLP) in the field of financial technology, including tasks such as named entity recognition, sentiment analysis, and question answering. The introduction of BloombergGPT is a significant milestone in AI-based financial analytics and further expands his NLP potential in the financial industry.
