Artificial Intelligence Propels Moody’s Analytical Report and Data Processing

Moody's Corporation, the eminent financial intelligence provider, is turning to artificial intelligence (AI) to streamline the process of data analysis and report generation within the organisation. Backed by large language models from Google Cloud, the technology aims to transform what traditionally would be a lengthy process into a task accomplished within minutes, according to Nick Reed, Moody’s Chief Product Officer.

The main objective is to widen the scope of work that regular employees can undertake, which previously would necessitate expertise in specialised realms of coding, finance, and accountancy. The AI-based tool proposed will not only alleviate workload pressure but will democratise access to data and information.

Moody’s initiative mirrors the trend set by other global financial powerhouses experimenting with the potential of AI. PricewaterhouseCoopers and KPMG have both invested in similar ventures, with the former collaborating with ChatGPT's owner, OpenAI, and the latter committing a $2 billion investment in Microsoft’s generative AI and cloud services.

The software to be used by Moody’s will generate an electronic log detailing the sources of information accessed, a feature designed to prevent 'hallucination' - i.e., generation of plausible but incorrect information by the AI model.

Moody's plans not only to utilize the AI models internally but also to offer the algorithms to other financial entities for their use. Adopting the technology could enable an employee, for instance in a banking firm, to rapidly assess client data and financial disclosures. Such tools can perform the task in a matter of minutes, where it would otherwise take hours of manual work to execute the same.

Behind these innovative steps is the mission to increase accessibility to information and source data, democratizing intricate work profiles which traditionally necessitate high levels of skill.