Moody’s Corporation, one of the big three rating agencies alongside S&P and Fitch, will soon start using artificial intelligence-based large-language models (LLMs) courtesy of Google to assist with its company analysis.
In an interview with Bloomberg, chief product officer Nick Reed said that Google LLMs will be used to analyse the mountains of data in the public domain and Moody’s’ own resources that go into the firm’s analysis.
“What could potentially have been a day’s long process is now literally five minutes,” Reed said. “There are hundreds of use cases. Our approach has been just to get it in the hands of our people so that they can start to work out where they can make changes to the way they work.”
Google Cloud vice president of strategic industries Philip Moyer said that one of the key principles of these bespoke LLMs will be to eliminate AI ‘hallucinations’.
AI hallucinations occur when generative responses provide inaccurate or plainly false information that nonetheless sounds convincing.
Given Moody’s’ importance as a global barometer of credit risk for major corporations and governments, hallucinogenic AI could have profound consequences.
Moody’s said it will also offer bespoke LLMs to other financial firms for their own analysis.
Moyer gave the example of a bank using the platform to assess the risk of taking on a small business client.
“This is about democratising access to that information,” Moyer said. “It’s about building a model that allows people that don’t know and understand that language to be able to interact with that information.”