How Claude is transforming financial services

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Transcript

00:00:00Analysts do this statically in one Excel sheet that they refresh manually every week, every quarter.
00:00:06Instead of doing that, BCI has instead used our artifact feature to connect directly to SMP and
00:00:12FACSAT datasets so that the artifact is a live dashboard of how these metrics compare against
00:00:18each other. And with one simple prompt to Claude, you can easily update it. And these artifacts are
00:00:23also shared with their managing directors who are directly interfacing with these platforms as well.
00:00:29So I think we're really seeing not just acceleration of work, but a way for the work
00:00:35to actually be transformed. Hey, my name is Alexander Brickin, and I lead our applied AI
00:00:40engineering team for financial services. Today, we're going to be talking to you about Claude
00:00:44for finance, and I'm joined by my colleague, Nick. Hey, my name is Nick Lin, and I lead product for
00:00:50Claude for financial services. I'm also a recovering investment banker and private equity investor.
00:00:57A lot of these problems we're about to talk about are very near and dear to my heart.
00:01:01So very excited, Alexander. Awesome. So Nick, my first question for you is,
00:01:04how do you feel about the shift in the AI landscape for financial services these days?
00:01:09You know, I've been with Anthropic for a little bit over a year and a half now.
00:01:13That was before Claude 3. So I think the enterprise AI landscape has changed significantly,
00:01:20especially in the past few months. What I am really noticing is that there is a fundamental shift from
00:01:27curiosity, observing from the sidelines, to actually starting to build and deploy into production.
00:01:34Now, as we all know, coding is one of the first products and first domains within AI with really
00:01:40strong product market fit. I think we're starting to see this really extend to other verticals as
00:01:45well, including finance. For example, Inbin or the Norwegian Southern Wealth Fund, one of our largest
00:01:52customers, they have about 9,000 portfolio companies. What they've done is they've built
00:01:57integrations on their own with things like model context protocols so that all of their portfolio
00:02:03managers are querying these integrations every single day to get insights into their portfolios.
00:02:09So I think we're really starting to see analysts spend a lot less time on the mundane, manual,
00:02:16tedious parts of the work and start to focus on what they really care about, you know, which is
00:02:21building relationships, meeting with their customers, and actually understanding the
00:02:25business models of the companies they're investing in. Yeah, that really resonates from my standpoint
00:02:30as well as an applied AI person. Whenever I go and interact with customers, a lot of the time
00:02:36last year, let's say, they would start with building an AI chat feature. Like they'd have a bunch of
00:02:42models represented and they would select one, maybe a random business user, and they would try to work
00:02:47with it and just chat with it. Eventually, now we've seen things like MCP come out where the chat
00:02:54has become so much more powerful. You can interact with the systems you care about. And I think that's
00:02:58really exciting specifically for finance because often there are just so many product surfaces
00:03:03that folks have to interact with. If you give a model a tool these days, often the model is
00:03:09intelligent enough to know what that tool does given the tool description and the tool name.
00:03:14But equally, the model has certain primitives baked into it, like the security that we try to bake into
00:03:20the way the model interacts with the world. So we train our models to be helpful, harmless, and honest.
00:03:25And often that's a reflection of the data that they interpret and the output that it basically
00:03:30corresponds to. So I think that's probably what you're referring to as well in that the model
00:03:34is generally intelligent. And so if you give it these different layers, you can really see some
00:03:38cool results. You know, safety is something that you touched upon. That is so foundational to everything
00:03:44we do. It's about securely deploying these solutions into enterprise environments. It's about making sure
00:03:50that the models can accurately answer the questions with the right level of understanding of those
00:03:55problems and fidelity. And third is actually giving our users the trust, the verification, the auditability
00:04:04to understand these results. So I think we think about all three of those components of safety.
00:04:08Yeah, I mean, speaking of, right, Anthropic was founded on the principles of AI safety. It was a
00:04:14research org from scratch. I'm curious, how have we gone from being a research org to releasing a
00:04:21distinguished product in financial services? In my mind, Anthropic really aims at building models
00:04:28that can be safely deployed to solve the most complex and difficult problems in the world, right?
00:04:36We're state of the art when it comes to code. 0.5% of the world's population are software engineers.
00:04:43So that is just one sliver of these really complex, difficult problems we can really start solving,
00:04:50right? They really exist everywhere else in the world. Code is so foundational to every single
00:04:55part of a company, right? It is how a company is run. So that means that cloud is really great at
00:05:03interacting with more complex systems, being able to expose thinking and its logic, and that's why
00:05:09it's great at finance as well, right? Finance are complex problems deployed into regulated verticals
00:05:14that need verification, auditability, and ultimately accuracy really matters. Financial analysts these
00:05:21days spend a lot of time getting down to like the pixel perfect level of, let's say, a PowerPoint deck
00:05:26or an Excel model, right? You can't get anything wrong. And it's funny now that we're in this
00:05:31paradigm where models can do something similar, but using the capabilities they have to write
00:05:37really structured logic. And so that's actually what we've found language models to be good at,
00:05:41what we've trained them on. And that ability to do that, it feels like it's just being abstracted
00:05:47into so many other domains, like creating Excel spreadsheets or like creating PowerPoints.
00:05:52And so, yeah, it's just been like super kind of striking, at least to me, to see how many domains
00:05:59the like logic and reasoning of these models actually ends up touching.
00:06:03Ultimately, these are digital systems that we interact with every single day, right?
00:06:07The fact that Claude is great at code gives it a flexible skill and a shortcut to do all of these
00:06:14really cool interesting things, right? Our file creation feature that was launched a few weeks ago
00:06:19that enables Claude to create Excel documents in PowerPoint is essentially Claude accessing
00:06:24a virtual machine within which it can run Python code at scale to edit, analyze, and create Excel
00:06:33documents and create these perfect DCF models, which I think is super exciting for us, right?
00:06:37So I think there's a lot of other domains that code can start really unlocking.
00:06:42What's different to Claude for finance versus other products on the market in the financial services?
00:06:47You know, there are three verbs, I think, about a lot that governs what I want to build
00:06:52for Claude for finance. And these are retrieve, analyze, and create. Starting with retrieval,
00:07:00many of the research agents on the market has seen, you know, quite a lot of maturity, right?
00:07:04Large language models are fantastic at digging into large pools of data and gathering insights.
00:07:10It can read in a 5,000 probably times faster than humans. But what we want to do with finance is
00:07:15making sure that these systems can connect to all of the core data sources that finance analysts work
00:07:21in. In finance, the ability to uncover insights faster than your competitors and your peers,
00:07:28that's really a key advantage. Now, downstream from that, it's great that we can retrieve
00:07:33this information and connect to it. But the ability to do analysis at scale, either through code or
00:07:40through spreadsheets, is so foundational as well. Financial models themselves, they're not just these
00:07:45beautiful Excel sheets, right? They're a way for finance analysts to inject their own judgment of
00:07:52what the future looks like and what the proper valuation looks like for that company, right?
00:07:57So with that in mind, we want Claude to be really good at understanding these core finance concepts
00:08:02and manipulate systems like Excel and spreadsheets to be able to do that calculation. And then the
00:08:07third part is creation, right? We're all social creatures within the enterprise, right? We do our
00:08:14work to be shared with others. So the outputs themselves in the form of spreadsheets, PowerPoint
00:08:20documents, Word, doing this in a way that is client ready, boardroom ready is really important. So we
00:08:28really want to start pushing Claude's capabilities to be able to do that as well so that it is an end
00:08:33to end agentic autonomous system. That makes a lot of sense. I feel like we build these primitives and
00:08:39then they almost end up snowballing. So you have like the retrieval step, right? You build an MCP
00:08:44server to connect to one system. But then if you take the data from that system, maybe it connects
00:08:49to some other system in a unique way. Like you get data from Snowflake, let's say. You find an ID in
00:08:55there and you need to connect it to your Salesforce instance. You can easily do that with some of those
00:09:00primitives that we've built on the retrieval side. But then it sort of continues to snowball. You get
00:09:04analysis where Claude can write a bunch of code and essentially piece together some of that information.
00:09:11And then finally, the creation is even take that one step further and put it into the environment
00:09:15that someone cares about. Sending that post request back to the API example to a system where an
00:09:22analyst or an operator can see the information that Claude has reasoned through. So let's talk a little
00:09:27bit more about what is actually Claude for Finance. How does it work? What makes it so special? So there
00:09:32are three layers that we think about in our solution. The models, the agentic capabilities, and
00:09:39the platform. Starting with the models themselves. Fundamentally, we are a research lab, right? Everything
00:09:46we do really aims at making Claude the best model for financial services. Now finance presents some
00:09:53interesting challenges to us, right? Code is something that we can test every single day as software engineers
00:09:58and product managers. But there are very few investment bankers within these four walls of
00:10:03Enthropic. So here's where we're really excited to work with early customers like BCI, Pearl at
00:10:10Weinberg, and MBIM to really let us know what are the use cases they really care about? What does good
00:10:16look like? And then help us, much more importantly, uncover those gaps that we can bring back into the
00:10:22research process. The second thing is on the product side, right? Agentic capabilities are essentially
00:10:28the code that we write to enable users to interact with the models. We've built capabilities like deep
00:10:35research. Now we're really investing in being able to embed Claude in all of the core surfaces you work
00:10:41in. Not just Claude for Enterprise, Claude AI, but also the browser extension, Excel, Chrome, and other
00:10:50surfaces that our analysts and enterprise customers work with every single day. The last piece is we
00:10:55want to again build a really flexible platform that can be tailored and deployed very easily for our
00:11:02customers. That's why we've been spending a lot of time with industry partners like S&P, Faxat, Pitchbook
00:11:08to build these integrations so that these agents can be as powerful as possible. So I'm curious, how has
00:11:14adoption been, right? Who's using this? Why are they excited about it? Walk us through that. As I mentioned
00:11:19before, we're really seeing pockets of adoption across the entire industry. I'm often asked, you know,
00:11:25which sub-verticals do you see AI adoption in in finance? I think it's much less about sub-verticals,
00:11:32but much more about the culture that our customers have really engendered, right? Which requires a good
00:11:38combination of top-down encouragement and adoption to lower the barriers, but also a bottoms-up
00:11:46experimentation culture, right? To try all of these tools out there to figure out what makes sense.
00:11:51With that in mind, I think some of the main customers that we've seen strong adoption from,
00:11:56BCI, for example, they've sort of fundamentally transformed the way they work. There are these
00:12:02things called comps analysis that analysts do, which basically means you're comparing comps,
00:12:08financial and operational metrics for all of these different companies to figure out whether
00:12:14they're trading at the right value. Analysts do this statically in one Excel sheet that they refresh
00:12:19manually every week, every quarter. Instead of doing that, BCI has instead used our artifact feature
00:12:26to connect directly to S&P and fact-set data sets so that the artifact is a live dashboard of how
00:12:33these metrics compare against each other, and with one simple prompt to Claude, you can easily update
00:12:38it. And these artifacts are also shared with their managing directors who are directly interfacing
00:12:44with these platforms as well. So I think we're really seeing not just acceleration of work,
00:12:50but way for the work to actually be transformed. Memory is such a fundamental piece of how humans
00:12:57basically exist in the world, right? You have to memorize things to like know where you put your
00:13:00keys last, for example. How are we building that into our models? And why is that important for
00:13:07financial services? The way that we think about how we work with our customers, as I mentioned before,
00:13:12there's very little that we can internally test for these finance use cases, is to, again, work
00:13:18really closely with enterprise customers to understand where things are working with or not,
00:13:22right? And memory systems is something that's really important to allow Claude to understand
00:13:28and maintain contacts across all of these different tools and surfaces that it works in. Claude is in
00:13:33Cloud AI, in Excel, in the browser, interacting with facts at S&P, the ability to understand patterns,
00:13:42understand preferences for that, you know, DCF template that you want Claude to remember. All
00:13:47of these things are really important to just make sure that Claude stays and in turn that
00:13:51continually gets better through his interactions with you. And so like over time, you could imagine
00:13:57someone prompting the model like, "Hey, you got this formula slightly wrong." And then Claude has
00:14:01some way of storing that memory, whether it be a file system or it's implicit, et cetera, which is
00:14:07pretty awesome. I'm excited for that. Or if, you know, the user and analyst really wants to use S&P
00:14:13for a specific piece of EBITDA calculation, Claude should remember those preferences too, just like,
00:14:19you know, a good intern would. Cool. So we've talked a lot about Cloud for Finance. I'm curious,
00:14:24in your opinion, what's next for our product and research orgs in relation to making Claude better
00:14:29for finance? You know, take a step back. Anthropic is enterprise-focused, enterprise-first. The only
00:14:36way for us to deliver outcomes to the enterprise is to focus on specific domains. Finance is one of
00:14:42the most important domains for Anthropic across the entire stack, research, product, and go-to-market.
00:14:50Starting with research, we're finally starting to invest in both specific pre-training and
00:14:56post-training for finance. On the product side, three things I'm really excited about.
00:15:01One is going much deeper into specific subverticals. Private equity has very different needs from hedge
00:15:10funds and insurance firms and investment banks. You want to really start understanding and peeling back
00:15:15the nuances of those workflows and make sure that the components we're building fully serve those
00:15:21workflows. We're also excited about the ability to have Cloud everywhere, right? Not just in the
00:15:27browser, but within Excel, within PowerPoint. On PowerPoint and Excel, I think we still have a lot
00:15:33of room to improve the quality of those outputs. So excited to work again really closely with research
00:15:39and bring these capabilities into the product. On the partnership side, it's really important for us
00:15:44to work closely with the industry. It's been really encouraging to see the fact that MCP servers have
00:15:50only been out for six months and major industry leaders like S&P and Facset have already published
00:15:56functional great versions of their own MCP servers. We want to keep bringing the industry together,
00:16:03including some of the recent announcements we've made. The last piece is working really closely with
00:16:08our enterprise customers, right? Fundamentally, that's how we work together, right, to translate
00:16:15what their needs are and help us build the research and product capabilities to meet those needs.
00:16:21I definitely agree with that, because not everyone comes from a financial services background like you
00:16:25at Enthropic. And so I feel like we learn the most from the customers that we're going deep with,
00:16:30specifically when they're like designing evals, for example. That gives us so much signal about
00:16:35how the model actually works in production. And I think that level of collaboration is what we're
00:16:40going after with Cloud for Finance. I think that's the main thing I would encourage our enterprise
00:16:45customers to think about. You know, evals sound like these mystical concepts, but they're really
00:16:51simple. There are tasks you care about and problems you want to solve and an articulation of what good
00:16:58looks like for those tasks. It's really important for enterprise customers to be thoughtful about
00:17:04these problems rather than thinking about, oh, I need to infuse AI into every part of my business.
00:17:09And that's how we can partner really closely with enterprise customers. We bring those evals
00:17:13directly into the training process, directly into the product pipeline so that we can deliver these
00:17:18capabilities to our customers. 100 percent. Well, thank you so much, Nick. This was
00:17:23fantastic. Appreciate you taking the time. Thanks for having me, Alexander.

Key Takeaway

Claude is revolutionizing financial services by enabling analysts to shift from tedious manual work to strategic decision-making through AI-powered retrieval, analysis, and creation of professional financial documents and dashboards.

Highlights

Claude transforms financial analysis from manual static Excel sheets to live, interactive dashboards connected directly to real-time data sources like S&P and FactSet

Three core pillars of Claude for Finance: retrieve (connect to data sources), analyze (code and spreadsheet manipulation), and create (client-ready documents like PowerPoint and Excel)

Companies like Bain Capital Institute have fundamentally transformed their workflow using Claude's artifact feature for comparative analysis, replacing weekly manual updates with instant dynamic dashboards

Model Context Protocols (MCP) enable seamless integration with enterprise systems, allowing portfolio managers at firms like Norges Bank to query integrated data daily for portfolio insights

Anthropic's focus on AI safety and code excellence provides a foundation for solving complex, regulated financial problems that require accuracy, auditability, and verification

Future roadmap includes deeper specialization by financial sub-verticals (private equity, hedge funds, insurance), expanded integration into daily tools (Excel, PowerPoint, browser extensions), and collaborative evaluation frameworks with enterprise customers

Timeline

Introduction: Opening Example of Real-World Impact

The segment opens with a concrete example of how Bain Capital Institute (BCI) transformed their comparative analysis workflow using Claude's artifact feature. Previously, analysts would manually refresh a single Excel sheet weekly or quarterly with financial and operational metrics. Now, they use Claude to create live dashboards connected directly to S&P and FactSet datasets, allowing instant updates with a simple prompt. This example illustrates the core value proposition: not just accelerating work, but fundamentally transforming how financial professionals approach their tasks. Managing directors can now directly interface with these platforms, enabling more informed decision-making across the organization.

Meet the Speakers and AI Landscape Shift in Finance

Alexander Brickin (Applied AI Engineering lead) and Nick Lin (Product lead for Claude in Financial Services, former investment banker) introduce the conversation. Nick highlights the dramatic shift in enterprise AI adoption over the past 18 months, moving from curiosity and observation to active production deployment. He cites Norges Bank (Norwegian Sovereign Wealth Fund) as a major customer managing 9,000 portfolio companies, who have built integrations using Model Context Protocols allowing all portfolio managers to query insights daily. This shift enables financial analysts to reduce time on mundane tasks and focus on higher-value activities like client relationships and business model analysis. The example demonstrates that AI adoption in finance depends more on organizational culture (both top-down support and bottom-up experimentation) than on specific sub-verticals.

The Evolution from Chat to Tools and MCP Integration

Alexander explains how AI applications in finance have evolved from simple chat interfaces to sophisticated tool-integrated systems, particularly through Model Context Protocols (MCP). The complexity of financial services means professionals interact with numerous systems and data platforms. When models are given tools with proper descriptions and names, they can intelligently determine which tool to use and apply security best practices. Anthropic emphasizes training models to be helpful, harmless, and honest, embedding safety and security into their core interactions. Alexander notes that models have certain primitives baked in regarding security, making them suitable for enterprise environments where safe deployment into regulated financial systems is critical. This capability is especially important in finance because financial analysts need accurate information with proper understanding and fidelity.

Safety and Verification: Anthropic's Foundation for Finance

Nick discusses Anthropic's founding principles centered on AI safety and how they translate to financial services deployment. The company aims to build models that can be safely deployed to solve complex problems in regulated environments. He emphasizes three safety components: secure deployment in enterprise environments, accurate answers with proper problem understanding, and providing users with trust, verification, and auditability to understand results. Anthropic was founded as a research organization focused on developing state-of-the-art models, initially excelling in code (relevant because only 0.5% of the world's population are software engineers). Claude's capability with code translates well to finance because both domains require complex reasoning, structured logic, and accuracy. Financial analysts work at pixel-perfect levels in documents like PowerPoint decks and Excel models, making the model's structured logic capabilities particularly valuable for creating error-free financial analyses.

Claude for Finance: Three-Layered Solution Architecture

Nick outlines Claude for Finance as a three-layered solution: models, agentic capabilities, and platform. For models, Anthropic aims to make Claude the best for financial services through specialized pre-training and post-training, working closely with early customers like BCI, Perceptual Weinberg, and Moelis to understand use cases and identify capability gaps. On the product side, agentic capabilities enable user interactions through deep research features and embedding Claude across multiple surfaces: Claude Enterprise, Claude AI, browser extensions, Excel, Chrome, and other tools analysts use daily. The file creation feature enables Claude to access virtual machines running Python code, allowing it to create and edit Excel documents and PowerPoint presentations at scale, including perfect DCF (Discounted Cash Flow) financial models. The platform is flexible and easily tailored for customers through partnerships with industry leaders like S&P, FactSet, and PitchBook, ensuring agents have access to the most powerful integrations available.

Real-World Application: BCI's Comps Analysis Transformation

Nick provides a detailed case study of how BCI fundamentally transformed their comps analysis workflow—a standard financial practice comparing financial and operational metrics across companies to determine proper valuation. Previously, analysts manually refreshed a single Excel sheet weekly or quarterly, a tedious and error-prone process. Using Claude's artifact feature connected to S&P and FactSet datasets, BCI created a live dashboard that automatically reflects current metrics and comparisons. Managing directors can directly interface with the platform, and any updates needed require only a simple Claude prompt. This transformation exemplifies the broader impact: not just accelerating work completion, but fundamentally changing how financial professionals allocate their time and expertise. The case study demonstrates that memory systems are critical for Claude to maintain context across different tools and surfaces, remembering preferences like preferred data sources, DCF templates, and specific calculation methodologies.

Memory Systems and Continuous Model Improvement

Nick discusses memory as a fundamental component of how Claude can become more useful for financial professionals over time. Since Claude operates across multiple platforms (Claude AI, Excel, browser, connecting to FactSet and S&P), memory systems enable the model to understand and maintain context across all these surfaces. Examples include remembering analyst preferences for specific data sources, preferred DCF templates, and particular EBITDA calculation methodologies—essentially functioning like a knowledgeable intern. Memory could be implemented through file systems or implicitly within the model's interactions. Over time, when an analyst corrects a formula error or indicates a preference, Claude stores that memory and applies it to future interactions. This continuous learning mechanism ensures Claude becomes increasingly valuable to each individual user and organization, similar to how human analysts improve through experience and mentorship.

Future Roadmap and Strategic Priorities

Nick outlines Anthropic's enterprise-first strategy for Claude in Finance, emphasizing that delivering enterprise outcomes requires deep focus on specific domains. Finance is identified as one of the most critical domains for Anthropic across research, product, and go-to-market. Future investments include specific pre-training and post-training focused on financial use cases. On the product side, three major priorities emerge: first, deeper specialization within financial sub-verticals (private equity, hedge funds, insurance firms, investment banks) since each has distinctly different workflows and needs; second, expanding Claude's presence everywhere analysts work—particularly improving quality outputs in Excel and PowerPoint; third, strengthening partnerships with industry leaders like S&P and FactSet who have rapidly published functional MCP servers just six months after MCP's introduction. Alexander emphasizes that enterprise customers should focus on designing thoughtful evaluations of tasks they want to solve, clarifying what good looks like, rather than trying to infuse AI into every business function. This collaborative approach ensures Claude for Finance development is grounded in real customer needs and production use cases.

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