It could have an impact on the financial industry and the businesses of FactSet and Bloomberg. For example, AI-powered tools could potentially be used to automate tasks such as data analysis and investment decision-making, which could increase efficiency and reduce costs for financial firms.

Additionally, AI-powered tools could potentially be used to enhance the capabilities of existing financial software and platforms, including FactSet and Bloomberg’s terminals. For example, AI could be used to improve the accuracy of financial data and analytics or to provide more personalized recommendations to users based on their specific needs and preferences.

Would it be much easier for new competitors to come to this industry with the aid of AI?

The financial information and analytics industry, including the terminal businesses of companies like FactSet and Bloomberg, is a highly competitive and complex industry with high barriers to entry. While AI technology could potentially provide some advantages to new competitors entering this industry, it would not necessarily make it much easier for them to succeed.

One potential advantage that AI could provide to new competitors is the ability to analyze large volumes of data more efficiently and accurately. This could enable new competitors to provide more comprehensive and accurate financial data and analytics to their clients, potentially giving them an edge over established players.

However, the financial industry is highly regulated, and new competitors would need to comply with a wide range of regulatory requirements in order to operate in this space. Additionally, established players like FactSet and Bloomberg have extensive networks and relationships within the industry, as well as brand recognition and trust built up over many years, which could make it difficult for new competitors to gain a foothold.

Furthermore, AI technology is complex and requires significant expertise and investment to develop and implement effectively. New competitors would need to have the resources and technical expertise necessary to develop and implement AI-powered tools and platforms, which could be a significant barrier to entry.

All financial info firms should race for applying AI to advance ahead of their competitors!