OpenAI launches ChatGPT for financial services

OpenAI on Thursday unveiled ChatGPT for Financial Services, a tailored version of its enterprise platform designed to automate the research, financial modeling, and pitchbook creation that have long defined the work of entry-level investment bankers. The product, powered by the company's newest GPT-6 Astra model, was developed alongside Morgan Stanley ↗ 0.81% and Evercore ↘ 0.85% as design partners and is available only to eligible financial institutions that apply directly through OpenAI.reuters+2

"We're effectively teaching ChatGPT to research like an analyst and back up its conclusions like an analyst as well," Nick Turley, OpenAI's vice president of product, said during a press briefing.cnbc

What the Product Does

The offering builds on ChatGPT Work, OpenAI's existing enterprise product, but adds native access to financial datasets from Daloopa, PitchBook, LSEG London Stock Exchange Group plc, and Crunchbase, covering earnings transcripts, financial statements, and company fundamentals. The data is indexed on OpenAI's own infrastructure to improve retrieval speed and enable granular citations that let users trace figures back to source filings.openai+1

Firms with existing data subscriptions can connect them through integrations with FactSet ↘ 1.22%, S&P Global ↗ 0.07%, Preqin, and Datasite, among more than 50 connectors available through MCP, an open-source protocol for linking AI models to external software. Intapp ↘ 2.13% also announced a plug-in on Thursday that lets deal teams access their firm's client and relationship records from within the product.fortune+2

In a live demonstration, Turley showed the platform analyzing a potential acquisition target, pulling financial data from industry-standard sources, and generating a formatted PowerPoint deck styled to a bank's template. "It's very easy to make slides that look good, but it's much harder to make slides [that] actually make sense," he said.cnbc

Competition and Industry Questions

The launch deepens OpenAI's push into enterprise verticals as it prepares for an anticipated IPO. Chief Financial Officer Sarah Friar told investors in August that enterprise revenue had overtaken consumer revenue. Turley said finance is one of several sectors — alongside cybersecurity and software engineering — where OpenAI plans to release tailored products.fortune+1

The company faces direct competition from Anthropic, which debuted Claude for Financial Services in July 2025. Turley framed OpenAI's offering as "the canonical product we are hoping the industry adopts" for large banks with "tens of thousands of employees."cnbc+1

The product also raises questions about Wall Street's apprenticeship model. When asked whether the tool would reduce junior banker hiring, Turley compared it to the introduction of spreadsheet software. "I think in the same way that Microsoft Excel ↗ 0.65% transformed the industry and allowed them to produce better analysis faster, you will see technology like this do the same," he said.cnbc

Not everyone on Wall Street shares that optimism. Last month, Goldman Sachs The Goldman Sachs Group, Inc. ↗ 0.92% partner Chris Churchman warned that automating tasks traditionally used to train junior bankers risks causing "cognitive atrophy" in the next generation of financiers. "Reasoning is still important," he said. "You still need to reason about [problems] and structure it into an argument, and now we're delegating reasoning."cnbc