The London Stock Exchange Group (LSEG) and Microsoft are collaborating with financial institutions to develop tailored generative AI models. This initiative highlights the increasing emphasis on AI and data technologies within the financial services industry, particularly for payment solutions.
In December 2022, Microsoft entered into a ten-year transformational partnership with LSEG, aimed at integrating innovative technologies into the company’s operations. According to a report by the Financial Times, this collaboration will focus on AI solutions that enhance security, addressing concerns regarding the handling of sensitive data by generative AI systems.
David Schwimmer, CEO of LSEG, noted that AI data offers significant benefits to banks managing extensive proprietary datasets. These assets will serve as the foundation for unique language models tailored to their needs. However, Schwimmer has not revealed the specific financial institutions involved in this initiative.
The introduction of AI-focused products represents a significant business opportunity for LSEG, as the organization seeks to enhance its financial analysis capabilities and create greater value for its clients. Schwimmer expresses optimism regarding the UK government’s efforts to foster competitiveness in the market, anticipating continued growth in the financial sector.