Short answer: Jordan Metzner says the Bloomberg Terminal has an old, clunky interface, and with Claude for Financial Services integrating providers like S&P Global, he expects LLMs to erode the terminal's value for financial analysis.
Watch this answer from Episode 4 (starts at 16:39) · Episode 4 notes and transcript
From Episode 4: Why Our Recruiters Stopped Reading Resumes And Let AI Take Over Everything, starting at 16:39.
Sam Nadler [16:39]: Very cool. Okay. Let's jump into the news. I think there is a few articles we wanted to cover today, starting with Claude for financial services. I know you're passionate about this one. Hey. What does it mean? I haven't even read this yet. I know it came out yesterday, I believe.
Jordan Metzner [16:55]: Yeah. Well, I mean, financial services in The United States is, like, one of the largest industries in the entire country. Almost every retiree is invested in the stock market. And, historically, kind of most of the financial data has been served up to financial firms via Bloomberg. And, that's made Bloomberg a billionaire. But if you ever use Bloomberg, it's famously known as the Bloomberg terminal, which means it uses a terminal type interface, which is, historically not very friendly to users. Users end up becoming memorization of keyboard shortcuts in order to get certain things done. It has its own chat features so, traders can talk to each other. But overall, it's a kind of pretty old and clunky interface. I believe it's still written in kind of COBOL and uses some pretty old programmatic languages. And so, I think Perplexity is probably the first one who's really started to step up their game as far as, like, financial research goes. But I think this is a huge opportunity for multiple companies to go after, the monopoly of Bloomberg in the financial services space. And, here, you can see Claude is kind of going into that space and probably, trying to get a lot of data so you can, quickly hear look. It's it's doing charts and graphs. And, you know, I think the LLMs are gonna have a huge upside leverage against, the historicals of Bloomberg in the space.
Jordan Metzner [18:18]: And I think this might totally change the way, Wall Street stock market financial services are being used today and how they do analysis. So, here, you can see it's already integrated with a lot of third party service providers, S&P Global, etcetera. But I think we're gonna continue to see the degradation of Bloomberg Terminal's value and increase value in using LLMs for financial analysis.
