OpenAI and Anthropic Target the Financial Services Sector

AI labs like OpenAI and Anthropic are developing new AI tools for the financial sector to take over labor-intensive tasks for analysts on Wall Street, such as data collection and financial model preparation.

The AI market on Wall Street is taking shape across three main areas: financial data owners, those who turn this data into research and analysis, and those who control proprietary content upon which investors base their decisions. Alongside established providers like the London Stock Exchange Group (LSEG), Bloomberg and PitchBook, startups such as AlphaSense, Rogo, Hebbia, Daloopa, Model ML, Samaya AI and Farsight are competing for the technology budgets of investment banks and asset managers.

This competition in the market is accelerating as AI systems move beyond simply answering questions to preparing financial models, analyzing transactions and producing investment research. Financial institutions need reliable data, software capable of completing complex tasks and proprietary information that cannot be easily replicated by general-purpose AI models.

At the data layer, companies like LSEG, Daloopa, PitchBook, S&P Capital IQ, FactSet and Moody's provide financial data feeds to the banking tools built by OpenAI and Anthropic. LSEG allows banks to build AI agents on top of its own data via Microsoft, while ChatGPT also joined this integration in December. Daloopa announced a partnership with Model ML in May, stating that its data covers more than 6,000 companies, and secured $47 million in Series C funding in May. PitchBook, owned by Morningstar, integrated private market data into ChatGPT in December.

Startups like Rogo and Hebbia, meanwhile, transform this data into finished work such as financial models, presentations and memos. Gabe Stengel, co-founder and CEO of Rogo, stated in an April statement that much of the analyst work on Wall Street is done at 2 a.m. using 40-year-old tools. Rogo's annual recurring revenue exceeds $50 million, and its clients include Lazard, J.P. Morgan, Bank of America and Wells Fargo. Hebbia, with annual recurring revenue approaching $50 million, also maintains a contract covering investment banking employees at Morgan Stanley.