{"id":33873,"date":"2023-11-14T14:48:50","date_gmt":"2023-11-14T19:48:50","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/press\/waterstechnology-bloomberg-deploys-new-chatbot-tool-to-terminal\/"},"modified":"2023-11-27T17:12:57","modified_gmt":"2023-11-27T22:12:57","slug":"waterstechnology-bloomberg-deploys-new-chatbot-tool-to-terminal","status":"publish","type":"press","link":"https:\/\/www.bloomberg.com\/company\/press\/waterstechnology-bloomberg-deploys-new-chatbot-tool-to-terminal\/","title":{"rendered":"WatersTechnology | Bloomberg Deploys New Chatbot Tool to Terminal"},"content":{"rendered":"
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This article was originally published by WatersTechnology.<\/i><\/p>\n

By Anthony Malakian<\/p>\n

Bloomberg has developed a new chatbot offering for its Instant Bloomberg chat and collaboration tool. Dubbed Intra-Firm Chatbots, the add-on service will allow users to add approved, proprietary chatbots to IB chatrooms. It is part of the IB Connect set of services that enable Bloomberg Terminal users to integrate IB with their firms\u2019 in-house applications.\u00a0<\/span><\/p>\n

At its core, the service helps a user assign a Bloomberg identity to a piece of in-house technology and interact with that technology through IB.\u00a0<\/span><\/p>\n

\u201cWhat was happening, typically, is traders were doing a lot of content switching\u2014they have to go to [an internal application] and get information, come back, find the IB chat, and then they go back with that response,\u201d Roger Birch, head of product for Communication and Collaboration Systems for IB at Bloomberg, tells <\/span>WatersTechnology<\/span><\/i>.\u00a0<\/span><\/p>\n

A trader can have a dozen or more applications open on their desktop. If they want to pull information from those systems\u2014say, an order management system, transaction-cost analysis application, or customer-relationship management platform\u2014they have to leave the chat and go find that information on their own. Similarly, an alert from an internal app will likely force a user to leave IB.\u00a0<\/span><\/p>\n

A firm may use an Intra-Firm Chatbot to help with one or several parts of their workflow. Each Intra-Firm Chatbot is created with a single, two-way connection, and clients may connect to their application. On IB, the agent\u2019s last name is always \u201cBOT\u201d and users are encouraged to choose a first name according to their firm, desk, or workflow.\u00a0<\/span><\/p>\n

\u201cWhat this does is it allows you to stay in IB, then @-mention the bot and tell it the information you want fetched. Or, the other way is you can have the system give you an alert programmatically, and it sends that one-way alert to you,\u201d Birch says.\u00a0<\/span><\/p>\n

Bardin Hill Investment Partners, which specializes in credit and event-driven strategies and manages $5 billion of assets, is one of the early users of Intra-Firm Chatbots. Philip Raciti, head of performing credit and a portfolio manager at the New York-based firm, tells WatersTechnology that his team was \u201cpretty excited\u201d when they heard that Bloomberg was developing a chatbot within IB.\u00a0<\/span><\/p>\n

\u201cWe structure and utilize a large amount of data, and spend a lot of time running analysis on new datafeeds and leveraging it across our platform. Bloomberg is a bit of a silo in terms of how that information is stored and so much of our day-to-day communication and activity takes place in chatrooms,\u201d he says. \u201cAt the end of the day, a lot of that information stays there; some of it makes it back, but it makes it back with effort.\u201d\u00a0<\/span><\/p>\n

By using this technology, Bardin Hill traders can use its unique identifier to tag an issuer or industry and type up a note, he says. Then, in real time, chatbots will automatically \u201cwrite\u201d that note into the firm\u2019s front-office system, sourced chronologically.\u00a0<\/span><\/p>\n

\u201cIf you are running multiple strategies across numerous systems, having the bot go out and gather the information you need and return it to one place drives significant efficiencies,\u201d he says.\u00a0<\/span><\/p>\n

Raciti says Bardin Hill\u2019s implementation was \u201cpretty straightforward\u201d and \u201cbare bones\u201d. For the future, though, the firm is looking to implement a large language model within its front-office system, and they need as much information as possible\u2014having information sitting in an outside chatroom is not helpful when building these data-rich models. As such, the firm plans to expand the way it is currently using the tool.\u00a0<\/span><\/p>\n

Intra-Firm Chatbots is a subscription-based offering, but officials declined to provide details as to the specific pricing structure.\u00a0<\/span><\/p>\n

A chatbot, but not generative\u00a0<\/i><\/b><\/p>\n

To ensure privacy requirements are met and that authorized users are using data that\u2019s in line with their licensing agreements, chatbots are built by the client according to the specs in Bloomberg\u2019s software development kit and customized for their needs. Intra-Firm Chatbots can only pass info between IB and a client\u2019s proprietary system.\u00a0<\/span><\/p>\n

The firm receives structured representations of IB data in JSON when the chatbot is addressed, and may send posts to IB chat rooms under the chatbot identity programmatically, using an API endpoint for delivering chatbot messages. The firm owns the logic for how to interpret the IB data it receives, and when or how the chatbot should post content.\u00a0<\/span><\/p>\n

The offering features a Q&A component that fetches data from a query with two-way communication between IB Connect and the client\u2019s systems to answer chat queries directed to the Intra-Firm Chatbot. The tool also provides a notification system that delivers one-way alerts to, say, provide critical updates or notify a trader when specific market conditions are met. Furthermore, it can be used via a user\u2019s desktop or on their mobile device.\u00a0<\/span><\/p>\n

Since the launch of OpenAI\u2019s ChatGPT chatbot last year, the term \u201cchatbot\u201d is increasingly used interchangeably with generative AI. Earlier this year, Bloomberg launched BloombergGPT. While it shares the \u201cGPT\u201d moniker with OpenAI\u2019s tool\u2014GPT being short for generative pre-trained transformer\u2014it is not a chatbot. Rather, BloombergGPT is being developed to help assist\u2014and provide more depth to\u2014the Terminal\u2019s sentiment analysis, named-entity recognition, news classification, charting and question-answering capabilities, among other functions.\u00a0<\/span><\/p>\n

Essentially, BloombergGPT was created to help users surface content that\u2019s already in the Terminal using a Q&A format. While also conversational, the Intra-Firm Chatbots offering is not generative. Though it does have a similar goal as BloombergGPT\u2014surface content that\u2019s in a firm\u2019s own systems and making that available in the context of IB chats in the Terminal.\u00a0<\/span><\/p>\n

It uses proprietary natural language processing techniques to structure unstructured text and presents it back in the IB chat\u2014it is not generating something new. For example, though, Bloomberg\u2019s NLP provides additional context and enrichments referring to \u2018direction,\u2019 \u2018size,\u2019 and \u2018intent\u2019 (axe or inquiry) from the user\u2019s own message (i.e., are they offering a security, trying to trade, and which way\/how much). Intra-Firm Chatbots structures that data via tables and performs tabulations.\u00a0<\/span><\/p>\n

\u201cWe provide the framework to which the user can then map and code up their applications to this chatbot. Think of it as a developer kit: Here\u2019s the framework. You get an identifier for the bot. The bot gets a name,\u201d says Bloomberg\u2019s Birch. \u201cSo, you\u2019re at a hedge fund and you have a number of applications that you wanted to surface and bring that intel into your IB for your front-office users. We provide that framework, that developer kit, you have your applications, it\u2019s over a RestAPI, you map accordingly, it brings the content in.\u201d<\/span><\/p>\n

Learn more and request a demo here<\/a>.\u00a0<\/strong><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\t\t\n\t<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Anthony Malakian reports how the offering allows users to surface data and notifications from internal systems without ever having to leave IB. <\/p>\n","protected":false},"featured_media":33878,"template":"","format":"standard","categories":[1469,78,86,1466,88],"press_tag":[2026,2027,2048,2114,2110,1806,2115,2116,428,2113,2117,2112,1331,2028,2029],"class_list":["post-33873","press","type-press","status-publish","format-standard","has-post-thumbnail","hentry","category-announcements","category-bloomberg-news","category-bloomberg-professional-services","category-tech-at-bloomberg","category-technology","press_tag-ai","press_tag-artificial-intelligence","press_tag-artificial-intelligence-ai","press_tag-chatbot","press_tag-chatbots","press_tag-digital-economy","press_tag-digital-solutions","press_tag-digital-transformation","press_tag-ib","press_tag-ib-connect","press_tag-information-hyperloops","press_tag-instant-bloomberg","press_tag-media-mentions","press_tag-natural-language-processing","press_tag-nlp"],"yoast_head":"\nWatersTechnology | Bloomberg Deploys New Chatbot Tool to Terminal | Press | Bloomberg LP<\/title>\n<meta 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