OpenAI Chief Financial Officer Sarah Friar recently spoke at the Money 20/20 conference, sharing insights on the applications of AI in the financial sector and the evolution of business models. Friar emphasized that AI is no longer merely experimental but is progressively entering practical applications, especially within the operations of banks, financial institutions, and fintech companies, demonstrating considerable market potential. OpenAI has also engaged in a series of collaborations with the financial industry, including projects with Morgan Stanley, commonly referred to as “Morgans,” and Spain’s BBVA, aimed at enhancing customer service and asset management efficiency, as well as promoting the integration of AI within the financial sector.
AI Accelerates Application in Financial Business, Traditional Finance Actively Adopts
During the interview, Friar noted that the financial industry has become OpenAI’s third-largest customer base, with traditional financial institutions, banks, and fintech companies like Morgan Stanley and BBVA actively implementing AI models to enhance productivity. For example, Morgan Stanley employs OpenAI models in asset management to assist financial advisors in providing more accurate investment recommendations, while Klarna utilizes AI to improve customer service.
“Morgans” and OpenAI’s official collaboration statement
Still Exploring Suitable Pricing, Products Have Gained Corporate Recognition
Regarding AI pricing strategies, Friar mentioned that OpenAI is currently exploring more appropriate pricing models. She cited OpenAI’s subscription plan as an example, noting that many lawyers and corporate clients have recognized the value of this AI tool, with users finding the value of using AI tools to be between $1,000 to $2,000 per hour, while OpenAI’s corporate subscription plan costs about $60 per month, indicating the product’s potential value. Corporate users have expressed their approval of the value of using OpenAI tools in drafting legal documents and research reports, asserting that such services exceed the cost-effectiveness of hiring professionals, thus being willing to pay higher fees for efficient services. Friar added that OpenAI’s primary costs currently stem from computational resources, and in the future, the company will balance cash flow with expenditure to ensure stable and continuous development.
Emphasis on Rapid Product Development, Low Cost, and High Efficiency as Goals
Friar stated that OpenAI places significant importance on the speed of product development and is currently rapidly launching new products, such as the o1 model and advanced voice modes. Friar also emphasized that OpenAI’s o1-Mini operates at only one percent of the original model’s running costs, representing a more streamlined version of OpenAI. This allows developers to conduct development more efficiently when using Mini, as it reduces the costs and resource requirements associated with utilizing OpenAI technology, making development more economically viable. For example, according to OpenAI’s statistical data, the o1-Mini is 3 to 5 times faster compared to other models.
Collaboration with Microsoft, Continued Development of AI Infrastructure
Friar mentioned that OpenAI plans to support AI development by expanding infrastructure, including a collaboration with Microsoft to establish a five-megawatt data center. These investments ensure that OpenAI can continue to innovate and lay the groundwork for Artificial General Intelligence (AGI). Friar also pointed out that infrastructure development requires a three-year planning period, which will be a significant development direction for OpenAI in the future.
Ensuring Global Access to AI, Introducing and Optimizing Advertising Exploration Models
One of OpenAI’s goals is to ensure that more people around the world can access AI tools. Friar stated that in addition to a pure subscription model, commercial advertising will be introduced in the future to meet diverse user needs while increasing profitability. Friar also emphasized that the advertising model will be carefully designed, ensuring that advertisements are not forcibly included in general search and question-and-answer contexts to avoid hindering user experience. Friar used e-commerce as an example: “Advertising works well in applications like e-commerce because users often want to see purchasable options immediately rather than general data queries.” She added, “This also explains why companies like Shopify have become important clients of OpenAI, as Shopify can directly promote products and increase sales opportunities using AI query methods.”
OpenAI and Shopify collaboration illustration
(Exceeding Human Doctoral Capability! OpenAI o1 programming and reasoning evolution, entering the top five hundred in Mathematics Olympiad)