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How Trading Chatbots Are Transforming the Financial Markets

Chatbots Are Transforming the Financial Markets

 

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Several years ago, when we set out to create an AI chatbot for the online trading segment, the landscape couldn’t have been more different than it is today.

It was clear that we were heading into a world where the first line of customer support would be handled by chatbots across a variety of industries. However, there was still a general sense that they had some way to go if they were to be considered as useful as human support agents.

This was long before the current wave of excitement surrounding AI due to the public releases of large language models (LLMs) like OpenAI’s ChatGPT and Google’s Bard. The public had already been exposed to products like Siri and Alexa, but still generally regarded corporate chatbots as glorified FAQ sections that had more to do with delaying the inevitable call to customer support than anything else.

Cut to 2023, and we observe a seismic shift in both interest in AI chatbot technology among brokerage decision-makers, but also a broader acceptance of these non-human agents among the general public. The current buzz around AI has businesses from all sectors rethinking their own chatbot strategies and has also increased expectations regarding the abilities of chatbots in general. 

More than just front-line support

Devexa, our chatbot for online trading venues, has always been much more than just an interactive FAQ section. While she’s equipped to field lower-priority queries, leaving human agents free to address customer issues of higher importance, it’s much more accurate to describe her as a complete trader’s assistant. She has access to multiple sources of critical information and can perform actions on behalf of the trader, rather than just being there to parrot company policies.

What’s more, the systems that Devexa interacts with are live and always in flux. Whether it’s CRM information regarding a declined deposit, trading engine data about an imminent margin call on an open position, or live price updates across thousands of data feeds, Devexa’s role as a mediator between clients and brokerage systems is far more dynamic than any LLMs.

Try asking ChatGPT the current price of Nvidia stock and you’ll receive something like this:

Devexa - AI chatbot transforming the financial markets and ></figure>
<p>ChatGPT’s responses are currently informed by training data from the Internet that cuts off in 2021, which is why it’s not able to provide you with live asset prices at the moment.</p>
<p>On the other hand, when you ask Devexa what the current price of IBM stock is, you’ll get this:</p>
<figure class=

Beyond that, you can also ask her to alert you when the price dips to a certain level, or even to open a trade on your behalf when this occurs. Furthermore, you can talk to her through your preferred chat application, and you can even send her voice messages!

Of course, comparing Devexa to something like ChatGPT isn’t an apples-to-apples comparison as Devexa is operating in a much more constrained environment. She’s unlikely to have a philosophical discussion with you on free will versus determinism or write Drake lyrics for you in the style of Celine Dion, but what she does she does exceptionally well.  

The comparison is worth making, though, because it illustrates how advanced Devexa was compared to other corporate bots when she launched more than three years ago, but also how impressive she is relative to the current darlings of the AI space today. 

What Devexa can do for your business? 

As you can see, Devexa is more than just a customer support agent that doesn’t require coffee breaks. This is one of the key points that we try to get across to brokers interested in exploring chatbot technology. Aside from improvements in customer service, Devexa can be a boon to several other brokerage departments.  

 

Devexa - AI chatbot transforming the financial markets and ></figure>
<h3 id=

This method allows Devexa to learn from your existing team members rather than requiring her own specialist entourage to teach her new things. This means that an administrator with a thorough understanding of your business’s operations and policies can fine-tune Devexa into a thoroughly capable colleague.  

Fully integrated, fully configurable 

Devexa was built with the business logic of the online trading industry specifically in mind. To this end, she can be fully integrated with all popular front-end and back-end brokerage systems such as trading platforms and CRM systems. The more areas of your business that she has access to, the smarter she gets, which leads to her being more useful to your customers.

Packaged with preconfigured scripts, Devexa performs impressively right out of the box, but she truly comes into her own when her scripts are tailored to reflect your brand’s identity and business priorities.

Our white label solution also allows you to tailor the appearance of the program to be in keeping with the look and feel of your brand and your existing user interfaces such as client area and trading platform. 

Constantly evolving 

If you’ve been following the progress of Devexa since its launch, you’ll know that this is a very actively developed product on our part. We have been iteratively improving Devexa with many updates designed to make her both easier to use for the trader, and easier to manage and train for the broker.

In this way, the end user’s relationship with Devexa is also evolving as she gradually takes on new abilities. Traders increase their reliance on her as her abilities increase. A perfect example of this was the addition of speech-to-text, which means that users can now query her in multiple natural languages.

For brokerage teams, she ends up handling a larger percentage of overall queries as her scripts continue to be refined. In tests of brokers using Devexa, she was able to handle around 35% of incoming queries with no human involvement. This is a remarkable feat considering the size of modern brokerage call centers.

Devexa - AI chatbot transforming the financial markets and ></figure>
<h2 id=Book a demo with us and we’d be delighted to show you what Devexa is and how your trading business can benefit from using it.



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xtradereturn July 28 2023 2172 reads Print



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