The benefits of using ChatGPT AI for brokerages
Author: Petros Kalaitzis
Like any new technology, the recent boom of B2C artificial intelligence (AI) solutions, such as ChatGPT, has created many opportunities for everyone, including brokerages.
When used thoughtfully, AI can:
- Boost your operations and productivity.
- Reduce the time it takes to complete daily tasks.
- Optimise the costs of running the brokerage.
- Help withstand the countless volatilities and changing environments that have become the norm rather than an extraordinary event.
How can brokers apply AI in their everyday life?
Every brokerage will find its own unique way to utilise AI, but here are some ideas that we have come up with or seen our clients use in their operations:
- Risk management. When you are a broker, any new tool that comes your way can and should be used for risk management. Same with ChatGPT. If you ask the AI the right questions, you can gain a pretty good insight into the current market conditions and what’s happening in real-time and adapt your risk strategy accordingly.
- Brainstorming an idea or solution. Like Apple’s Siri or Amazon’s Alexa, ChatGPT is the perfect assistant, on call 24/7. Indeed, you wouldn’t want to implement new strategies or campaigns solely based on the AI’s recommendation. Still, it can be a great way to get another opinion and access ideas that you and your team wouldn’t necessarily come up with otherwise.
- Research. Working in a brokerage means you are constantly on top of the latest news, trends, and events. Looking through vast amounts of data online to understand something is very time-consuming. AI can make this process quicker and more enjoyable.
- Trend prediction.In addition to highlighting existing trends, AI can scan big data and produce trend predictions. There’s no 100% guarantee there, but it’s more reliable than an average person’s guess, simply due to how much data the AI can process.
- Drafting content for traders. Whether you run a blog with helpful content for your clients or want to make a template list for the most common questions, engaging AI in the process will save you time.
- Trader support. Using a chat feature to communicate with clients is a great way to stay closer to them and improve their experience with your brokerage. The only problem is it can be rather resource-consuming. But if you connect a chatbot and integrate it with an AI, you’ll be able to automate a large portion of the support because clients often come to us with similar queries. With time, the AI becomes more experienced and can handle more complex queries, relieving you from even more work.
- Security and compliance. You can set up AI as an extra layer of security by configuring it to track and notify you about potential fraud and unauthorised access to accounts. Same with compliance – it’s better to be safe than sorry, so utilising AI is another pillar in your compliance strategy. Task it to monitor trader activities and ensure you align with all regulatory requirements.
Although AI and other new trendy technologies often serve a great purpose and can make our lives easier and more efficient, it’s critical that you don’t engage in every new thing that comes your way. We’ve seen this before many times, but the example that often comes to mind is social media.
As it started conquering the world, many businesses decided that they must have their social media accounts active and produce content daily. Yet, what many failed to do back in the day is slow down and ask themselves, “Why do we need that?”. As a result, many lost valuable time and other resources without achieving their business goals.
So before you start brainstorming how AI can be useful for you, double-check that you are doing it for the right reasons and not simply because your competition is doing it.
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