AI assistant in the Trade Processor bridge and other AI news
Author: Petros Kalaitzis
Tools for Brokers launched an AI-powered assistant in the Trade Processor liquidity bridge earlier this year. It is already available to all TFB clients, and you can use it to learn about the bridge’s functionality or find answers to your questions. The assistant continues to be improved and developed, so please ask it as many questions as possible, and also make sure to verify any important information with our tech team before proceeding with the configuration changes.
As firm believers in making the most of new technology, we are glad to be among the first providers to roll out an AI assistant for our clients.
We’ve already talked about the possibilities that AI opens up for brokers, hedge funds, and prop trading firms in this blog. If you’re curious, check out the article on using ChatGPT for brokerages or our trend predictions for AI in fintech.
Speaking of trends and news around AI in the financial sector, there are a few developments that we are noticing now that are likely to become mainstream in the coming years:
- Fraud detection with the help of AI and Machine Learning (ML) is growing in popularity as it can detect and eliminate fraudulent activities on the spot, reducing overall risks and damages for companies.
- Personalised investment adviceis moving away from humans to robots. Unlike people, robots can scan unprecedented amounts of data in seconds, so their recommendations are significantly more data-based and often more knowledgeable.
- Credit scoring and verification. Something else we see happening more is the use of AI-powered models to assess whether the individuals in a company are trustworthy and fit the criteria for whatever it is they’re applying for. It has the potential to wipe out the bias completely, yet many AI tools are ingrained with biases that their developers hold, so one should be careful when trusting a robot to make any critical decisions.
- Compliance automation. Regulations are toughening up worldwide, forcing businesses to pay more attention to rules, which is a great thing. However, not all regulations are easy to follow, so financial companies are now relying on AI to help them avoid accidental breaches. Not only can the AI spot potential issues very quickly, but it can also predict them based on data.
Overall, there is a lot happening with AI in the financial world. If you’re operating in that sphere, we encourage you to try out AI in your operations and see if and how it transforms the business. However, try to avoid getting seduced by the latest trends and implement only what makes sense for you.
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