An AI behemoth caused a splash across the world last year. ChatGPT, developed by OpenAI, demonstrated its ability to help solve various complicated tasks, a key step towards the human-like intelligence we have been expecting.
The monumental leap forward naturally drew the attention of financial institutions. The industry has long been embracing AI despite some predictions that portray a Terminator-like apocalypse.
Samuel Hertz, the COO of EBC Group, discussed the potential impact of ChatGPT on brokerage business lately in an interview with Fazzaco AI Forum. Since EBC Group is an emerging broker driven by technology, He appeared open to the possibilities that ChatGPT entails.
He said the technological breakthrough ‘will force the whole industry to adapt and change for the better’, and listed several areas where brokers such as EBC Group might be benefited including client relation management, predictive analytics, risk management, trading automation and compliance.
In summary, AI technologies were seen to have the potential of identifying customer needs and potential risks more precisely, making more well-informed investment decisions, and automating trading execution and compliance monitoring.
‘AI technologies can automate trading strategies and execute trades based on pre-defined rules and market conditions. This can help brokers to execute trades more quickly and efficiently while minimizing human error,’ he noted.
However, when asked about whether EBC would introduce ChatGPT or other AI-assisted tools, Hertz acknowledged ‘EBC Group … wouldn’t roll out Ai-assisted tools until we feel 100% confident that these services would add value to our clients and stakeholders’.
In spite of the mounting concerns about ChatGPT or its likes threatening unnumbered jobs, he argued ‘while AI technologies will be useful and integrated into broker businesses, I don’t think anyone should worry yet about their job being taken away just yet.’
Founded in London, EBC Group provides professional, individual and institutional investors with tailor-made global asset execution, allocation advice and wealth inheritance solutions. Its unique black-box system and Private Room enable better quotes for over 85% of orders.
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