AI, analytics and blockchain technology are democratizing personal investing: will hyper-automation take this acceleration to new heights?
Computing power is so portable now, that more people are able to dabble with stock market and other investments anywhere, anytime.
Unlike in the old days, people are no longer fully reliant on professional traders to realize their financial dreams.
To gain a deeper understanding of the dynamics of this digitalization and democratization of speculation, DigiconAsia interviewed the Global CEO of TP Global FX, Nitish Sharma to tap his 13 years of data analytics and investment technology experience.
DigiconAsia: An increasing number of people are now to monitor their investments conveniently anytime, anywhere on their own smart devices.
Nitish Sharma (Nitish): Yes, and AI and ML technologies have just started becoming the game-changer in the investment markets.
With all the data points generated, AI & ML algorithms can generate newer patterns about clients like their trading patterns, type of stocks, time of trade, trade size, etc. With the help of this data, brokers can offer customized products to their clients, who in turn can independently monitor and react to market movements quicker and play a bigger part in their own investment outcomes.
DigiconAsia: Can robotics, AI, ML, automation, and other technologies ensure zero-error service?
Nitish: There will always be the possibility for error. It cannot be prevented, but it can proactively be hunted and defended against, so business continuity is maintained. Service providers can use the following to ensure a near zero-error service.
- Blockchain: The use of sequential hashing and cryptography, along with decentralized structures, has made it impossible for a party to alter any data on the ledger, thus protecting client data and trade information and making it nearly impossible for hackers to attack.
- AI and ML: Thesesystemshelp in the fast detection of threats, limiting their spread by identifying outliers. As new trends surface, the technology learns continuously to keep pace.
- Robotic Process Automation: This tech helps reduce security-related efforts associated with employee training on security policies and practices as it provides a zero-touch environment. Tools and solutions come with audit logs that provide an immutable trail on the usage of sensitive personal data to comply with regulatory reporting purposes.
- Big Data: Thisdata management technology facilitates User and Entity Behaviour Analytics, which takes note of the normal conduct of users and spots deviations from normal patterns to identify cyberattack trends amid the vast amount of security data mined across endpoint devices.
DigiconAsia: Several customers still consider bots as an experience spoiler.
Nitish: Service providers need to start to identify the reasons for customers to come on the website or app chat box: generally for information on new account opening or account-related enquiries.
To enhance the bots so that they do not provide a poor customer experience, Natural Language Processing and analytics can crunch all the past activities of each customer to find out the patterns of queries of customers and generate appropriate responses.
The more data you crunch, the better the chat bots will be, and the better the user experience will be. It has to be an ongoing process.
DigiconAsia: What tech trends in this investment markets do you expect in 2022?
Nitish: In my opinion, the biggest tech trend is going to be hyper-automation, which is nothing but a process in which automation is automated, taking business operations beyond individual points. It is done by combining AI with RPA and Business Process Management.
- A simple example will be automating an automatic washing machine. Sounds weird, does it not? But that is what it does. It will eradicate human intervention.
- The challenge faced in achieving hyper-automation will be knowing how to measure success. Since you are already automating automated processes, one will need to keep a realistic return on investment; and since the marketplace is constantly growing and evolving, choosing the right solution can be a challenge for companies.
- The opportunities presented by hyper-automation are endless. With the goal being to eliminate the need for human intervention in simple tasks and speed up complex processes, businesses will likely see faster results. According to Gartner, hyper-automation is expected to cut operational costs of organisations by at least 30% by 2024.
Most large organizations are expected to have at least 25% of tasks hyper-automated within the next five years. It is also estimated that close to 20% of all goods in 2024 will be produced as the result of hyper-automation.
DigiconAsia thanks Nitish for his insights.
