robot easier for people to work, now also on Wall Street
shareholders of Morgan Stanley will be notified on the website of business magazine Forbes in an unusual way on the forecasts of analysts for the quarterly results of the investment bank. As draftsman of the line draws no human editor, but Narrative Science, a young company from Chicago, which converts data with sophisticated software in readable text. The Associated Press uses for some time software of competitors Automated Insights to make pure quarterly results in fractions of a second normal message bodies – to the delight of reporters, in which they often pesky work is not particularly popular. AP published now in a record season 4300 quarterly reports of US companies, four times as much as before.
Author: Norbert Kul, a freelance writer in the economy
The greatest growth opportunities for these young companies offer possibly but not in business media, but in the financial sector itself. The Swiss bank Credit Suisse uses the algorithms of Narrative Science, to create company profiles on a database (Holt) their analysis department. Large fund companies such as T. Rowe Price and American Century test according to the “Wall Street Journal” automatic writing programs of Narrative Science, to inform their customers about what strategies to invest their fund managers money in the stock market and how the funds develop. Narrative Science makes three-fifths of its revenues from financial services.
The insurer Allstate used programs of Automated Insights to measure the internal sales performance and to communicate recommendations for improvements. For asset managers, new opportunities could open up, to inform private customers better and to describe specific investment objectives and personal. “The main objective of asset management is to improve the experience of customers,” said Bill Butterfield, an industry analyst at Aite Group. Private customers receive their account statements frequently graphics and price charts, which at first glance are not understood by laymen and not to respond to the objectives of the investment. “It’s not customer care whether they beat a benchmark index, but whether they can pay for the university education of their children,” says Butterfield. An automatically generated text could confirm customers when they are with their investment strategy “on the right track,” explains Kim Neuwirth, who is in charge of products for financial service providers in Narrative Science.
For the investment advisers and their employers even that could also bring benefits, because they get more time to search for new, revenue-bringing clientele. According to the findings of Aite Group spend investment advisers, the majority of their time on administrative tasks yet. “Our tools help the consultants to make their operations more efficient,” says Neuwirth, the reports of a growing interest in the financial sector to write robots. The German bank in New York declined to comment on the issue or any plans on request however. The big asset manager Allianz Global Investors, a subsidiary of the Munich-based insurer Allianz, utilizes according to a spokeswoman in New York no writing robot and not considering the present as well.
In an industry conference two years ago, the then responsible for the database Holt Credit Suisse Manager justified the use of writing software also with the work easier for analysts. The number of company profiles in the database has since risen from 1500 to 5000. Since many of the analysts in the team are not native English speakers, worry that writing program for texts in consistent quality.
English is the only language that dominate the robot. Automated Insights has made a project in German by its own account. The software of the Franco-American vendor Yseop which counts the bank Societe Generale to its customers, can in addition to English and French, Spanish and German. The Stuttgart Aexea belongs with its software AX Semantics, which offers texts in German and eleven other languages, one of the pioneers in the industry. The company is also in talks with exchanges on the production of financial reports.
Writing robots are not the first form of artificial intelligence, which the Wall Street begins to change. Even investment advisory and asset management by computer programs, so-called “Robo-Advice”, is gaining popularity. With the largest American direct bank Charles Schwab is a heavyweight in the industry is for a number of start-ups recently for the first time jumped on the train. Aite analyst Butterfield but does not believe that the digital offerings will replace the live advisor. “It will probably be a complement,” he says. Only one thing was certain: “The pace of change is very high.”
Allows you to acquire rights to this article
<->======== Confirmation page:.! Will be loaded by JS if submission is successful === ============ ->
.
No comments:
Post a Comment