Bloomberg to launch new AI tool for terminal by the end of the year

Bloomberg is planning on rolling out an AI-powered document search and analysis tool for its terminal by the end of 2025, according to Suzanne Szur, a research product manager at the company.

Szur demoed the tool, which allows users to ask questions while synthesizing multiple documents such as earnings call transcripts or research. Users can also add documents to the interaction, and cross-examine pieces of information via tables.

The terminal’s newest feature, in motion. For example, if someone wanted to analyze Palantir’s financial standings and events that have impacted the company and its competitors, this tool would use AI to deliver the necessary information, Szur said.

“Now I’m building a universe of companies that I want to compare, I can add that to the project,” Szur said during the product demo. “You can build basically this matrix for yourself, so that you can get a view across the competitive landscape of how things are progressing for the company relative to its peers.”

Users can use information generated by the tool to create their own spreadsheets and presentations. They can also rerun a table using the same prompts to pull the most recent data on a company or topic.

Not out just yet! According to Szur, the beta version of the tool is being tested by equity and credit analysts.

Szur also said that the company plans to enable those who use this search and analysis function to move their research findings into Bloomberg’s “RMS enterprise solution” to streamline workflows. “This way, they can surface and distill comparative insights across not only external sources but also their internal, proprietary research notes,” Szur wrote in a follow-up email.

And industry says…The launch of this tool, along with Bloomberg’s move to integrate AI into the terminal, is validating for Barry Duong, the AI strategist for public equities at Hebbia, an enterprise AI platform for finance.

Duong, a former Bloomberg Terminal user during his time at hedge funds and private equities, told IT Brew it isn’t surprising that Bloomberg is adding AI tools, “because [it] is in the business of continuously adding value to its platform.”

“The fact that Bloomberg is launching an AI platform to help with things like document analysis is, in many ways, the single biggest indication that the world of financial services is now taking AI very seriously,” Duong said. “It’s validating of the fact that this is extremely important, important enough that they wanted to enter the fray and enable their users to access AI tools to analyze large columns of information. It’s good to see how that is happening.”

Ch-ch-ch-changes. The terminal’s updates are part of other convergence signs across industries, Duong noted. He predicted that IT pros are going to have to learn more about the domains they are serving to solve problems for front-office professionals.

Duong said that, during his time as just a financial professional, he had limited interactions with the IT teams at the firms he was employed at. Now, he said, the world has changed.

“This need to really stay on top of this evolving technology has created lots of opportunities now for people who might traditionally be IT professionals spending a lot of their time behind a computer screen, coding, or building applications, to now be out in the field,” Duong said. “They should view that as exciting because it’s in many ways a once in a lifetime opportunity for everyone to wear many hats, and that’s what AI necessitates.”