Features of the BloombergGPT chatbot
Following the introduction of the ChatGPT bot, the world began a stir around AI-powered digital products. They became in demand in various sectors, encouraging other developers to launch their chatbots. In addition to Microsoft and Google, the BloombergGPT, created by the authoritative Bloomberg Agency, emerged. It was based on the GPT-3 model from the startup OpenAI, considered one of the most advanced artificial intelligence algorithms.
According to the analyst publication, their AI bot collects and analyses financial market data. The bot can quickly process vast amounts of data, providing users with a detailed report. Thus, financiers and specialists can track market dynamics and see possible transaction risks. In addition, BloombergGPT simplifies accounting by automating several processes.
This artificial intelligence model learns by using information from the Bloomberg terminal. The latter is unique system investors and analysts use to conduct financial activities and make market forecasts. The publication also relies on this information to write expert articles and news reviews. A chatbot can solve a task by analysing about 50 billion different parameters. To create the product, the developers of Bloomberg applied a unique approach. The AI was trained using two types of data: financial and general purpose. For this purpose, the programmers used information the agency’s analysts had collected for about 40 years. From this data, 363 billion digital tokens of financial details were captured. The publicly available information comprised 345 billion tokens, making a considerable dataset available to specialists. After training the bot, its abilities ran through various tests assessing general and financial knowledge, as well as linguistic traits.
The authors of the AI note that using different data for training has improved the bot’s accuracy. This assertion comes from the results of tests, where the Bloomberg model showed better efficiency in solving financial problems than similar programs. The developers are not going to stop there and plan to expand the functionality over time to make the app more versatile.
Experts believe that BloombergGPT is just the first step in involving artificial intelligence in solving financial problems. In the near future, AI will become a great helper for analysts and traders. Thanks to the ability to process massive amounts of data quickly, chatbots can forecast market dynamics, track the mood of their participants and warn of possible crises promptly.
