The world of finance. The world ring bells about stocks, trades, shares, investments, wall streets. Or even the movie “The Wolf of the Wall Street”.
The large sets of quantitative data, analyse rapidly to give impromptu but smooth information to make a quick decision. The crunching numbers continuously. So, can AI excel in such areas?
The biggest financial success of AI was seen in the form of Robo-advisors in 2018. An automated portfolio manager. The AI was in automation, chatbots, adaptive intelligence, algorithmic trading, and machine learning process.
The role of the AI as automated advisors is to scan a large quantity of data in the financial markets to predict the stocks or portfolios.
- Betterment– The company is based on an automated financial investing platform. The Robo-advisor technology is used for a tailor-made result for each client depending on their financial plans. The algorithm used by Robo-advisors is to automate tax-loss harvesting, trading, transactions, and portfolio management.
The company already got customers of more than 25 lakhs. It is located in NYC.
2. AlphaSense– The company is working with linguistic search and natural language processing to scan and analyse millions of data points from around 35,000 financial institutions to generate actionable insights. The financial search engine helps investment firms to gain an informational edge.
The company’s website has been listed with followers from Fortune 500 corporations. The company is located in NYC.
3. Numerai– An innovative concept supported by crowdsources machine learning and thousands of data scientists from around the world. It is an AI-powered hedge fund. The concept is utilizing the team of the data scientist to predict the stock market based on the company release abstract financial data.
The models are used for a weekly tournament to compete for Numeraire (NMR), the company’s cryptocurrency. The accurately predicted teams make it to the top of the leader board to be awarded more tokens. However, the main target is to accumulate the diversified models within the “Meta Model” to increase the portfolio, reduce risk and generate higher returns.
So, what do you think? Which AI companies in the Fintech world are making rave. Even though some companies are acting as a secret society. Some companies are spread out with AI products in Fintech companies.
How far are you? How far can you go?