Mirae Asset Securities innovates with AI across investment services
Amidst global military tensions contributing to market volatility, rising oil prices, and a strengthening dollar, the financial sector braces for uncertainty. Interest rates, initially expected to decline in the first half of the year, are now postponed, with some predicting a rate hike. Mirae Asset Securities is navigating this complex landscape by integrating Artificial Intelligence (AI) throughout their customer investment services.
Just a year after the advent of ChatGPT, Mirae Asset Securities is taking a leading step among competitors by adopting AI in the financial investment industry. As the market no longer guarantees absolute returns, investors seek investment coaches for asset management advice. It is in this context that Mirae Asset Securities focuses on empowering customers’ investment decisions with AI, aiming to recommend the most suitable actions.
The company began last year to employ generative AI, machine learning, and statistical methods for collection of investment information, product proposals, and post-investment management. At the data collection phase, services such as “Investment AI Summarized Stocks” and “Earnings Call Reader AI” stand out, summarizing real-time financial news to help customers quickly adapt to market changes. Particularly noteworthy is their collaboration with Naver Cloud’s AI Hyperclova to launch a first-of-its-kind service offering real-time translation and summarization of international news.
AI also plays a vital role in product suggestion, automating the creation of mid and small-cap stock reports, thus enhancing investor accessibility. For example, the “Retirement Pension Robo-Advisor” has achieved over one trillion won in accumulated subscriptions as of January 2024.
Additionally, Mirae Asset Securities was the first to introduce an “AI Customized Information Service,” which delivers tailored post-investment advice to wealth managers (WM PB), allowing for more effective asset management.
As part of their plan to expand AI strategies, Mirae Asset Securities is set to unveil a new ‘Customized AI Content Service’ this year, training generative AI for different content types to support rich customer interactions and eventually build an AI content ecosystem.
This includes services like the “Stock Q&A Chatbot trained with research reports,” where the chatbot responds to customer inquiries with the depth of research similar to a personal broker.
An In-Seong, Head of Digital Division at Mirae Asset Securities, emphasized that in finance investment, the essence lies in supporting investors to make better decisions under diverse circumstances. He mentioned that financial companies must remember to offer services that are trustworthy and professional when adopting technology.
AI Revolutionizes Financial Advisory Services at Mirae Asset Securities
The integration of AI into financial services is revolutionizing investment strategies and the way financial advisors interact with their customers. Mirae Asset Securities, by leveraging AI, stands at the forefront of this transformation. Such advancements raise a series of important questions, challenges, and controversies, alongside highlighting clear advantages and disadvantages.
Key Questions:
– How does AI improve the accuracy and efficiency of investment advice?
– In what ways is customer privacy and data security addressed when using AI in financial services?
– What measures are in place to ensure AI-generated advice adheres to ethical standards and regulations?
Answers:
AI tools can analyze vast amounts of market data swiftly to identify trends and predict market movements more accurately than traditional methods. Efficiency is enhanced through automation, which allows advisors to serve more clients effectively.
Customer privacy and data security are critical concerns in the financial sector. Mirae Asset Securities, like other institutions using AI, must comply with regulations such as GDPR or local data protection laws, ensuring data handling follows the highest security standards.
To guarantee ethical standards and adherence to regulations, AI systems should be designed with transparency in mind, incorporating explainable AI (XAI) principles. They should also undergo rigorous testing and auditing, aligning with legal frameworks such as MiFID II in the EU or the Dodd-Frank Act in the USA.
Key Challenges and Controversies:
– Ensuring AI systems are free from bias and do not inadvertently discriminate against individual customers.
– Safeguarding against malicious exploitation of AI systems, which could lead to fraudulent activities or market manipulation.
– Addressing the potential displacement of human workers as more processes become automated.
Advantages:
– Increased efficiency in processing and analyzing financial information, leading to more informed investment decisions.
– Personalization of financial advice, providing customers with tailored investment strategies.
– The ability to constantly monitor markets and rapidly adjust strategies in response to real-time global economic changes.
Disadvantages:
– Dependency on AI could lead to vulnerability in case of system failure or cyberattacks.
– Job displacement concerns for financial analysts and advisors due to automation.
– Challenges in ensuring AI-generated advice remains impartial and not influenced by underlying algorithmic biases.
Mirae Asset Securities’ dedication to incorporating AI across their investment services represents an important transition within the financial sector, one that many other institutions are likely to follow.
For more information about Mirae Asset Securities, you can visit their main website at Mirae Asset Securities.
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The source of the article is from the blog lisboatv.pt