April 27, 2024

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The first robo-adviser to use ChatGPT’s AI technology

The first robo-adviser to use ChatGPT’s AI technology

This is what awaits you in this article

The mega-trend of artificial intelligence (AI) is also advancing among digital asset managers: Visualvest, Union Investment’s collaborative online asset manager, is now the first robo-adviser to use an AI-based chatbot “ChatGPT” or its technology on its integrated platform.

Digital customer trainer with artificial intelligence

In-house digital client coach “KuCo” provides Visualvest clients with tips and assistance on various investment topics. Users can select predefined questions that “KuCo” will answer. If you don’t understand an answer, you can ask again. The answer generated by the AI ​​will then be reformulated and made simpler or more understandable.

Voice control and free text input as with “real” ChatGPT is not possible with “KuCo”. Justify the pre-selected questions visual jacket With the fact that “AI-submitted content must be legally compliant, technically correct, and easy to understand”.

Investors learn from KuCo, for example, what the term ESG is or where the differences lie between sustainable and traditional investments. Visualvest customers can also ask basic financial questions on the chatbot:

Image source: Visualvest

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The use of “GPT-3” should be continually expanded

According to Visualvest, “GPT-3” artificial intelligence software from US developer OpenAI was initially integrated into “KuCo’s sustainability theme.” In the coming weeks, other subjects will follow that will be equipped with “GPT-3”. “We plan to offer a self-test in the form of a quiz that users can use to find out what their financial type is,” says Melanie Schoen, a spokeswoman for Visualvest. “GPT-3 can then produce accurate and individual descriptions of the type in question – based on the results of the self-test. We are also planning more modules on the topics of sustainability and pension gaps.”

According to Visualvest, the use of artificial intelligence enables them to respond better to customer needs. “This brings us another step closer to our goal: to use technological developments to make investing as uncomplicated and understandable as possible,” says Katja Speck, Head of Marketing and Innovation at VisualVest. “This way we can give everyone access to professional asset management.”

He also planned an AI chatbot for “MeinInvest”.

ChatGPT technology will also be used in the white-label “MeinInvest” robo-program, which is based on Visualvest’s technical platform and is now integrated into at least every second cooperative bank (449 out of 733 institutes at the end of 2022). “As a platform provider for the cooperative financial group, we develop all our solutions with the aim of making them available to our partner banks through our white-label solutions,” says Melanie Schoen: “We are currently reviewing how we can offer them to our digital clients – Coach KuCo can also be made available to cooperative banks in real time. the appropriate “.