If you are familiar with financial investments, you probably already know that bots sometimes are trading in greater volume than humans. This is especially true in the forex market and in the case of certain derivatives.

However, these trading bots are usually still relatively simple. They typically just follow a simple preset of conditions or execute their own relatively simple models to buy and sell financial instruments, typically within a short period of time, trying to make some profit. We have touched upon automated trading in our previous article.

But what if there was an AI virtual assistant with the knowledge of all the best finance professionals combined, with access to all the data on the internet and with the computing capacity of a supercomputer? The financial and media giant Bloomberg aims to make this a reality.

The launch of BloombergGPT

BloombergGPT is essentially a chat and data processing assistant, similar to ChatGPT, that was trained to talk about investments and things related to finance. It was launched and announced via the official website of Bloomberg on March 30, 2023. Bloomberg states that thanks to recent advancements in NLP (Natural Language Processing) technologies, their new bot is significantly better than any of its competitors.

The unique terminology and the complexity of the financial world requires completely different datasets and models to train and develop an AI assistant that can give reliable answers to financial questions. The launch of BloombergGPT represents the first step in development. The later stages focus on further improving different aspects of language recognition, such as news classification, named entity recognition and sentiment analysis. The ultimate goal of Boomberg is to make BloombergGPT faster and better than any actual living human financial advisor. It also should have the capacity to access and process millions of times more information than anyone could hope for in his/her entire lifetime.

Key features

The advantages of a reliable AI financial assistant are immediately obvious to anyone who has crypto or stock investments.

Performance

It could gather and process so much data in a matter of seconds that would take a human several days or weeks.
Expertise

It could also see correlations and suggest possible causations between pieces of data, that maybe only the most experienced professionals could notice, making this information readily available to anyone.
Possible reduction of information price

There are chances that this could reduce the data price. The biggest problem in decision making is often the cost of information. Gathering it takes a lot of time and money, and the amount of information a human being can collect, even with the help of the internet, has practical limitations. The more information you have, the better your decision can be.

Just imagine that you are looking for crypto coins that have prices positively or negatively correlating with certain external variables. Doing research like this might take days, and the complexity of the calculations required means that probably only the most trained traders could come to a correct conclusion. But in the future, you will be able to simply ask AI and it will give you an answer in seconds or minutes – or at least that is what Bloomberg is suggesting.

The future of AI assistants

It will be well worth following the further development of BloombergGPT and other similar AI assistant and data processor applications. Despite the fact that most people use chatGPT for basic needs, AI NLP and data processing apps have a wide range of complex uses.

This is already being actively discovered in the field of medicine for example, where the most advanced AI tools can recognize skin cancer with better efficiency than actual trained professionals by just looking at a photo. Products like Amazon Alexa are also AI NPL apps that can make our life easier and save us some time. Seems that the next field AI assistants will soon be a major player in the finance sector.

People who will familiarize themselves with using these AI assistants to make investment decisions might have an advantage over people who don’t, regardless of whether we are talking about traditional finances or crypto.

Want to learn more about the latest artificial intelligence news? Make sure to read our related Blog posts: AI Revolution in Crypto, Elon Musk Is Developing the Chatbot and AI: A Loyal Friend or the Worst Enemy?

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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