An exciting strategic alliance between Moody’s and Microsoft aims to transform data research, analysis, collaboration, and risk assessment in the financial services industry. Through this groundbreaking partnership, Moody’s, Microsoft, and OpenAI will create the Moody’s Research Assistant (MRA), a unique AI assistant that will immeasurably help Moody’s clients navigate complex risk environments.
The MRA will provide analysts, bankers, consultants, researchers, and investors with a powerful tool to mine massive amounts of data and gain insightful knowledge for risk assessment. Rob Fauber, CEO of Moody’s, revealed that the MRA will be made available to a small number of clients later this year, enabling them to make better decisions. Fauber also hinted at the potential for the AI assistant to be used in activities such as lending and underwriting in the future, extending its influence across the financial sector.
Moody’s has already given its 14,000 employees access to Microsoft’s AI assistant technology to improve internal processes. The technology makes it possible to efficiently search a large amount of internal data, including the Moody’s Orbis database. Employees can quickly access critical information, improving organizational efficiency and decision-making.
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Customers gain access to OpenAI’s powerful AI models through Microsoft’s Azure OpenAI service, as it is the company’s largest investor. Microsoft saw a significant influx of 2,000 new customers signing up for this service in the first half of the quarter, using OpenAI’s cutting-edge language generation and chatbot capabilities to build their own unique applications for employees and customers.
Rob Fauber highlighted the range of risks that Moody’s clients have to deal with, including credit risk, reputational risk, cyber risk, carbon transition, risks associated with climate change, financial crime and penalties. The MRA’s AI technology holds great promise for extracting relevant insights from diverse data sets, enabling thorough risk analysis, and delivering intuitive insights in a way that feels natural.
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Moody’s has been using Microsoft’s business cloud tools and Office, emphasized Bill Borden, Microsoft’s vice president of worldwide financial services, and is gradually moving applications to the Azure cloud. Fauber appreciated Moody’s direct partnership with OpenAI, but insisted that given the pressing need for speed and scalability, a partnership with Microsoft was essential for the creation of the MAR support.
The collaboration between Moody’s and Microsoft, which combines Microsoft’s cutting-edge technology, OpenAI’s AI capabilities, and Moody’s experience in risk assessment, marks a significant advancement for the financial services sector. The MRA aims to empower financial professionals with powerful AI-driven insights to improve decision-making and reduce risk in an ever-changing environment.