eToro, an investing platform, is optimistic about generative AI. The US CEO discusses its experiments, including making disclosures more enjoyable to read and translating marketing material.
eToro, an investing platform, is optimistic about generative AI. The US CEO discusses its experiments, including making disclosures more enjoyable to read and translating marketing material.
eToro Harnessing the Power of Generative AI for Investors and Employees
eToro, the retail-investing fintech, is venturing into the exciting world of generative AI to enhance its internal operations and customer-facing products. With over 32 million users and 3 million account holders globally, eToro handles a vast amount of data, making it a natural step for the company to integrate AI into its systems. The company’s US CEO, Lule Demmissie, believes that generative AI holds tremendous potential for their CopyTrader program, which allows users to track and replicate the investment strategies of others.
Generative AI, a subset of artificial intelligence, is gaining popularity across industries and has caught the attention of Wall Street. It involves using large language models to analyze vast amounts of information and generate new content based on prompts. This technology has been used to create a diverse range of content, from screenplays to recipes. As an industry that heavily relies on data, finance has been exploring ways to harness generative AI’s power.
At eToro, the focus is on leveraging generative AI to enhance the user experience. The company is experimenting with integrating the technology into its social feed, allowing users to access and analyze information more creatively. For example, users may be able to combine two portfolios or view the number of users with significant positions in bitcoin. By providing deeper insights and creative tools, eToro aims to empower investors and help them make informed decisions.
Not only will users benefit from generative AI, but eToro is also exploring ways to streamline internal processes and boost employee productivity. In the marketing department, AI is being tested to automate the translation of content into different languages. Considering that eToro operates in 100 markets, manual translation becomes incredibly expensive and time-consuming. Using generative AI for translation could significantly improve efficiency and reach.
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Another area eToro is exploring is compliance. Financial regulations often require important disclosures to be conveyed to users in a clear and concise manner. However, these disclosures can be tedious and unengaging. eToro has fed these disclosures into generative AI models, such as ChatGPT, with the aim of presenting them in a fun and interesting manner that still complies with regulatory requirements. By making disclosures more engaging, eToro hopes to ensure that users pay attention to crucial information.
While eToro has not yet transformed these use cases into fully-fledged products, the company is actively evaluating various generative AI applications. However, eToro acknowledges the risks associated with this technology. Lule Demmissie emphasizes the need for guardrails and a cautious approach in utilizing generative AI. As the AI models begin to think for themselves, it becomes essential to establish boundaries rather than trying to control the technology entirely.
The eToro team is aware of the limitations, biases, and moral hazards present in AI models. During one experiment, eToro asked ChatGPT to present disclosures in rap format, which turned out to be less authentic than anticipated. This highlights the importance of diverse cultural representation in the creation and development of AI systems. Lule Demmissie emphasizes that AI should be shaped by a collective mindset and narrative, involving users and stakeholders from diverse backgrounds to avoid excluding cultural perspectives.
As generative AI continues to evolve, eToro aims to strike a delicate balance between harnessing its potential and mitigating associated risks. By integrating AI into their processes, eToro hopes to enrich the investing experience for users and boost efficiency for employees. The company is committed to maintaining a culturally inclusive approach throughout the development and implementation of generative AI.
Sources: – Insider: “eToro’s US CEO says the social-investing fintech is experimenting with generative AI to slice through data and help users make decisions” – Insider: “I Asked the CEO of eToro, When Will Generative AI Be Integrated into the Social Feed”
