EXCLUSIVE: AI Is Helping Create Better Experiences Across The Fintech Space

There are a variety of ways artificial intelligence can help improve trading products for end users. Several experienced finance industry players talked about what AI means for their businesses on Monday at the Benzinga Fintech Deal Day & Awards.

The panel was "From Trading Floors to Digital Screens: The Transformation of Trading" with Nasdaq's Brandon Tepper as the moderator.

Gareth Mann, founder of PersonaFin, uses AI to create better experiences for his customers. 

One way PersonaFin is doing this is by using technology to make sure people see relevant data when they open up their app. 

The company focuses on using AI to understand the end customer's needs and behaviors in order to better predict what they will want to see. He noted the process is similar to what Netflix Corp NFLX, Meta Platforms Inc's META Instagram and TikTok do.  

"We empower trading platforms to create unique experiences on a one-to-one basis," Mann said at Benzinga's Fintech event in New York City.

JJ Kinahan, CEO of IG North America, also uses AI to improve customer experiences. Not only does AI help to create more personalized experiences, it also allows companies to do so really quickly, he said. 

Another huge use case for AI is in the compliance world, he said. AI shouldn't make a final decision on whether or not something is compliant, but it can do an initial screening to make the rest of the process simpler. 

"It takes people a long time to grasp what's coming next ... many people are still reluctant to change to what the next thing is going to be," Kinahan said.

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Daniel Pipitone, co-founder of TradeZero America, pointed out that one of the challenges with incorporating AI into products is that hyper-customization can often be misconstrued as recommendations or advice. 

Because of this problem, TradeZero, which offers clients the ability to execute trades on its platform, is taking a wait-and-see approach to AI. The company needs more clarity on how it will be regulated before it really starts leaning into AI, he said. 

Pierce Crosby, genearl manager at TradingView, said the social charting platform company is building AI layers on top of its existing analytical tools through a laddered approach. 

"AI is just another step in that ladder on top of the foundation that we've already built," Crosby said. 

AI helps the company to take large chunks of data and simplify the delivery of that data to the user. As users increasingly use their phones to access various trading tools, TradingView is working to make the process more intuitive, he said. 

AI is going to minimize the amount of products users need. If the process is boiled down, you only really need a core interface, a method of chatting and something that allows you to execute trades, he said. 

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Photo: Pratya Jankong for Benzinga