OpenAI GPT-4 finance
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How are Swift and Morgan Stanley Using OpenAI’s GPT-4 to Change the Future of Finance?

As artificial intelligence (AI) research and development company OpenAI continues to break new ground with its AI-powered large language models (LLMs), ‘ChatGPT’ and ‘DALL·E’, we look at how the financial world is adopting the new technologies to further advance the industry.

Tuesday 14 March saw OpenAI begin the release of the newest iteration of its artificial intelligence (AI) model – GPT-4. The new model is “multinodal”, accepting images as prompts to generate content alongside text input which its predecessor, GPT-3, was limited to.

Sam Altman, CEO of OpenAI, revealed the new LLM on Twitter, calling it OpenAI’s “most capable and aligned model yet”. Altman also noted that GPT-4 is “still flawed, still limited”, in a warning that there is still a long way to go for the development.

Ever since the launch of ChatGPT (based on the GPT-3 model) in November 2022, it has become increasingly clear that all industries can use the technology to support significant innovation in their respective spaces. As a result, OpenAI continues to engage in a growing number of cross-industry collaborations. But how are firms specifically using AI to change the future face of finance?

GPT-4 could ‘fundamentally rewire’ how businesses run

Financial infrastructure platform for businesses, Stripe, is set to power payments for OpenAI, in a move to commercialise its ChatGPT and DALL·E generative AI technologies.

‘Stripe Billing’ and ‘Stripe Checkout’ are now powering ChatGPT Plus, OpenAI’s premium subscription offering of ChatGPT. Stripe will also support OpenAI to meet its tax compliance obligations as it further expands into global markets.

On the flip side, OpenAI’s technologies are also benefitting Stripe, which joined the GPT-4 beta in January. As part of this, Stripe identified a range of ways to use the technology to streamline its own operations and to help its users get the information they need more quickly.

After joining the GPT-4 beta in January, Stripe identified a range of ways to use the technology to streamline operations and help users get the information they need, faster. GPT-powered Stripe Docs is one example of what is coming out of those efforts.

Stripe OpenAI AI

This enhances Stripe’s high-quality documentation to enable developers to pose natural language queries within Stripe Docs to GPT-4. The LLM can then answer by summarising relevant sections of the documentation or extracting important pieces of information. This supports developers by reducing time spent reading, to create more time for building.

Eugene Mann, product lead for applied machine learning at Stripe, said: “Like the introduction of email, smartphones, or videoconferencing, GPT-4 has the potential to fundamentally rewire – and improve – how businesses run. By integrating GPT-4, Stripe is giving our users the most advanced tools to help them build and grow online.”

Morgan Stanley using AI

Morgan Stanley Wealth Management (MSWM) has also launched its own strategic initiative to create a bespoke solution with OpenAI. MSWM plans to utilise OpenAI’s technology to access, process and synthesize content to assimilate MSWM’s own expansive range of intellectual capital in the form of insights into companies, sectors, asset classes, capital markets, and regions around the world.

Financial advisors and their teams plan to use the internal capability to ask questions and contemplate large amounts of content and data. The stream of interactions and feedback from these queries will help further refine the offering while helping financial advisors to better serve their clients.

Andy Saperstein on OpenAI GPT-4 finance
Andy Saperstein, co-president and head of Morgan Stanley Wealth Management

Andy Saperstein, co-president and head of Morgan Stanley Wealth Management, commented on the initiative. Saperstein said: “We believe trust-based relationships and human advice will always be valued by clients, and the financial advisor and their teams will remain the centre of our wealth management universe.

“We aim to leverage OpenAI’s breakthrough technology into a competitive advantage in how our financial advisors can harness Morgan Stanley’s knowledge and insights in ways that were once never thought feasible.

“This technology is a game changer in synthesising our expansive intellectual capital, bringing the value and richness of it to a whole new level, and in the process freeing up valuable time for financial advisors to do what they do best – serve their clients.”


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