CFO of OpenAI AI is No Longer an Experiment Banks like Morgan Stanley and BBVA are Actively Adopting It
OpenAI CFO Sarah Friar recently shared the application of AI in the financial industry and the development of business models at the Money 20/20 conference. Friar emphasized that AI is no longer just experimental but can gradually enter practical applications, especially in the business of banks, financial institutions, and financial technology companies, demonstrating significant market potential. OpenAI has also conducted a series of collaborations with the financial industry, including projects with institutions such as Morgan Stanley, commonly known as “Big Mo,” and the Spanish bank BBVA, aiming to improve customer service and asset management efficiency, and promote the integration of AI with the financial industry.
AI Accelerates Application in Financial Business, Traditional Financial Institutions Actively Adopt
Friar stated during the interview that the financial industry has become OpenAI’s third-largest customer group, with traditional financial institutions, banks, and financial technology companies such as Morgan Stanley and BBVA actively adopting AI models to enhance productivity. For example, Morgan Stanley applies OpenAI models in asset management to assist financial advisors in providing more accurate investment advice, while Klarna uses AI to improve customer service.
Official Statement on Collaboration between “Big Mo” and OpenAI
Still Exploring Appropriate Pricing, Products Acknowledged by Enterprises
Regarding AI pricing strategies, Friar mentioned that OpenAI is currently exploring more suitable pricing models. Using OpenAI’s subscription plan as an example, many lawyers and corporate clients have already recognized the value of this AI tool. Users have found that the value of using AI tools can reach $1,000 to $2,000 per hour, while OpenAI’s enterprise subscription plan costs only around $60 per month, showing the product’s potential value. After using OpenAI tools, enterprise users have expressed appreciation for the value of assisting in writing legal documents and research reports, which even surpasses the cost-effectiveness of hiring professional personnel, leading them to be willing to pay higher fees to obtain efficient services. Friar added that the main cost for OpenAI currently comes from computational resources and that they will balance cash flow and cost expenditures in the future to ensure stable and continuous development for enterprises.
Emphasizing Rapid Product Development, Targeting Low Costs and High Benefits
Friar highlighted that OpenAI places great importance on the speed of product development and is currently rapidly introducing new products, such as the o1 model and advanced speech models. Friar also emphasized that the operating cost of their product OpenAI o1-Mini is only one percent of the original model, making it a more refined version. By allowing developers to be more efficient in their work when using Mini, this reduces the cost and resource requirements of using OpenAI technology, making development more cost-effective. For example, based on OpenAI’s statistical data results shown in the image, it can be observed that o1-Mini is 3 to 5 times faster than other models.
Collaborating with Microsoft to Continuously Develop AI Infrastructure
Friar mentioned that OpenAI plans to expand its infrastructure through collaboration with Microsoft to establish a five-megawatt data center. These investments ensure that OpenAI can continue to innovate and lay the foundation for Artificial General Intelligence (AGI). Friar also pointed out that infrastructure development requires planning three years in advance, which will be an important direction for OpenAI’s future development.
Ensuring Global Access to AI, Implementing and Optimizing Ad Exploration Models
One of OpenAI’s goals is to ensure that more people globally have access to AI tools. Friar stated that in addition to pure subscription models, they will begin to introduce commercial advertising in the future to meet different user needs and increase profitability. Friar emphasized that the advertising model will be carefully designed and will not be forcibly included in general search and question-and-answer scenarios to avoid hindering user experience. Using e-commerce as an example, Friar said, “Advertising works well in applications like e-commerce because users often want to see immediate purchasing options rather than just general information queries.” She continued, “This also explains why companies like Shopify have become important customers of OpenAI, as Shopify can directly promote products and increase sales opportunities using AI search methods.”
OpenAI and Shopify Collaboration Concept Illustration
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