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Financial Technology: AI-Alerts


Humans v AI: We found out who's better at making money

#artificialintelligence

Artificial intelligence (AI) has now closely matched or even surpassed humans in what were previously considered unattainable areas. These include chess, arcade games, Go, self-driving cars, protein folding, and much more. This rapid technological progress has also had a huge impact on the financial services industry. More and more CEOs in the sector declare (explicitly or implicitly) that they run "technology companies with a banking license". There is also a rapid emergence and growth of the financial technology industry (fintech), where technology startups increasingly challenge established financial institutions in areas such as retail banking, pensions.


Artificial intelligence has advanced so much, it wrote this article

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According to OpenAI, more than 300 applications are using GPT-3, which is part of a field called natural language processing. An average of 4.5 billion words are written per day. Some say the quality of GPT-3's text is as good as that written by humans. What follows is GPT-3's response to topics in general investing. MarketWatch: "How to invest in cryptocurrencies by GPT-3."


Fintech Infographic of the Week: Ethical AI - Fintech Hong Kong

#artificialintelligence

Artificial intelligence (AI) is set to play a key role in the future of financial services and more broadly in what UBS and the World Economic Forum refer to as the "Fourth Industrial Revolution." The global economy is on the cusp of profound changes driven by "extreme automation" and "extreme connectivity." In this changing economic landscape, AI is expected to be a pervasive feature, allowing to automate some of the skills that formerly only humans possessed. In the financial services industry in particular, there has been a lot of noise around the potential of AI and data supports that investors are excited about the impact the technology could have across the industry. VC-backed fintech AI companies raised approximately US$2.22 billion in funding in 2018, nearly twice as much as 2017's record.


This Hedge Fund Has A Unique AI Crowdsourcing Token

International Business Times

Numerai is a hedge fund that's using technology to create an unprecedented network effect, and transform the way money is managed. Crowdsourced investment strategies are many and varied, but Numerai crowdsources machine intelligence in a totally unique way by supplying its network of data scientists with encrypted data on which to test their machine learning models, thus removing any bias attached to the application of the algorithms. These models are entered into a monthly tournament and the best ones receive a pay-out. This was previously done using Bitcoin (because it was efficient and more anonymous than PayPal), but more recently Numerai launched its own token, Numeraire (NMR), on Ethereum, the public blockchain which has spawned a multitude of trustless, decentralized applications. The aim of the token was to create more value for Numerai's growing network of scientists, and further align them with the collaborative goals of the project.


Hedge Funds Look to Machine Learning, Crowdsourcing for Competitive Advantage

#artificialintelligence

Every day, financial markets and global economies produce a flood of data. As a result, stock traders now have more information about more industries and sectors than ever before. That deluge, combined with the rise of cloud technology, has inspired hedge funds to develop new quantitative strategies that they hope can generate greater returns than the experience and judgement of their own staff. At the Future of Fintech conference hosted by research company CB Insights in New York City, three hedge fund insiders discussed the latest developments in quantitative trading. A session on Tuesday featured Christina Qi, the co-founder of a high-frequency trading firm called Domeyard LP; Jonathan Larkin, an executive from Quantopian, a hedge fund taking a data-driven systematic approach; and Andy Weissman of Union Square Ventures, a venture capital firm that has invested in an autonomous hedge fund.