The London Stock Exchange Group (LSEG) is taking notable steps towards the future, partnering with Microsoft and multiple banks to develop tailored generative artificial intelligence (AI) models. This endeavour signifies the financial services industry’s drive to harness the potential of AI while maintaining the integrity of proprietary data, Financial Times reports.
This initiative comes in the wake of the rising interest in generative AI, a trend sparked by the launch of OpenAI’s ChatGPT last year. Despite the keen interest, many financial services companies remain cautious about submitting confidential data into models that continuously learn from the input they receive.
LSEG and Microsoft’s collaborative efforts aim to establish “bespoke large language models”, intending to offer customers the opportunity to securely merge their data with LSEG’s extensive datasets. This move comes as part of the financial exchange’s strategy to leverage AI capabilities for its operations and customer offerings.
Source: Financial Times
Significantly, Microsoft has displayed a vested interest in this AI-led transformation. The tech giant took a 4% stake in LSEG in December last year, and followed up with a $10 billion investment in OpenAI this January, indicating its commitment to the growth and application of AI in the financial sector. As AI technology continues to evolve, LSEG considers AI-based products as potential new business avenues, signalling a transformative phase in the financial industry.