Artificial intelligence startup Anthropic is set to launch a new suite of software services aimed at enhancing the work of financial analysts, amidst a competitive landscape of AI firms targeting Wall Street. The new offering, named Claude for Financial Services, is geared towards assisting analysts in conducting market research, performing due diligence, and making informed investment decisions.
This innovative package integrates Anthropic’s advanced coding and enterprise AI tools with data from established financial information providers such as FactSet, PitchBook, and Morningstar, which will be available to subscribed customers.
Mike Krieger, the chief product officer at Anthropic and a co-founder of Instagram, emphasized the necessity of adopting these AI tools. He described the product as the vital link between merely intriguing AI technology and one that delivers genuine utility. He noted, “Right now, there’s a real moment of: If we don’t adopt these tools, we’ll be left behind by people who are doing it.”
Competing in this space, other AI platforms such as OpenAI and Perplexity AI have recently introduced features aimed at attracting financial service clients, signaling a significant push to increase AI’s role in business operations. Despite being a smaller player than OpenAI, Anthropic has reported impressive growth, with its annualized revenue rising from $3 billion to $4 billion within the last month, according to an insider.
To maintain its upward trajectory, Anthropic has made a strategic personnel move, hiring Paul Smith, a former executive from ServiceNow Inc., as its first chief commercial officer later this year.
Krieger noted that Anthropic has already made significant inroads into the finance sector, leveraging its AI’s strength in coding—an essential component of financial analysis. The new tools are designed to further assist finance professionals with tasks such as crafting investment memos, conducting portfolio analysis, and creating financial models.
This expansion highlights the ongoing transformation in the finance industry, where AI technology is becoming increasingly important for efficiency and informed decision-making.