Faster, Better, More: AI-Powered Markets Coverage
2024 Finalist

Faster, Better, More: AI-Powered Markets Coverage

BusinessDesk

Auckland, New Zealand

Category Artificial Intelligence

Media associated with this campaign

Overview of this campaign

BusinessDesk takes a tech-focused startup mentality to news publishing. We like to say we couple old-school journalism with a state-of-the-art tech stack. It is a model that works.

BusinessDesk converted from a small-scale newswire in 2020 and has quickly built to become the dominant business news publisher in New Zealand. In 2022 it was acquired by the listed firm NZME, with all staff employed by the new owner.

When Open AI announced the first versions of ChatGPT we saw plenty of opportunities to supplement and enhance our journalism and product offering.

The first problem to tackle was that our old-school journalism approach meant we were consistently behind our competitors with breaking announcements filed to the NZX (the sharemarket in NZ).

We built and trained a tool using ChatGPT to turn NZX announcements into news articles and cut the time spent on these from 30 minutes to down to under 30 seconds.

This means we’ve now reporting on far more companies than we could previously, and our reporters are freed to chase exclusive news rather than rehashing releases.

We were first to launch anything like this in New Zealand and the publicity helped cement BusinessDesk as a modern, forward-looking publication. Before launch, we ran it internally for three months, including giving access to the exchange and NZ regulators. 

Clear labelling of the AI content also helped build trust with our growing audience.

An innovation is that we not only report the announcement, but also we append it to the company’s sharemarket price graph to show which announcements move markets.


Results for this campaign

BusinessDesk had two reporters each day rostered to cover breaking news, such as market announcements.

Not long after the launch of the AI tool, we were able to reduce this to one person. This achieved our goal of getting journalists to do journalism, rather than churning press releases.

BusinessDesk has built significant internal capability around AI and content. The same team is now building editorial products across the broader NZME group of publications. We've just launched a third version of the tool. This is in line with our method of continuous product improvement. 

We’ve now built and launched our own AI-powered search engine, allowing users to get answers, rather than just links to articles.

Average time on page is 2:03, which is lower than the site’s average of 3:25, but still impressive given these articles are only 250 words.

Traffic is also building every month to the articles hosted at https://businessdesk.co.nz/markets/announcements-generated-by-ai

BusinessDesk has been recognised as a leader in AI content generation, with publisher Matt Martel appearing on various podcasts and other media, and presenting the AI journey at multiple events in New Zealand. This outcome allows us to build our brand.

Attached is a pdf of a presentation that has now been delivered to multiple groups.


Contact

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