Discount Bank to offer AI tool for investment management
Discount Bank to offer AI tool for investment management
Asaf Pasternak, Executive Vice President and Head of Strategy and Finance at Discount Bank, spoke at Calcalist's AI conference about the importance of integrating AI tools into the financial sector.
"For years, the banking industry has been undergoing significant but slow transformations," said Asaf Pasternak, Executive Vice President and Head of Strategy and Finance at Discount Bank, during Calcalist’s AI conference. "Banks that are deeply rooted in the traditional industry will be influenced by the world of artificial intelligence, as banks consist of a lot of data, and are making decisions for customers based on that data."
According to Pasternak, Discount Bank is leading the AI revolution in the investment world and will soon offer its customers an intelligent interactive tool that provides information and investment recommendations. Israeli fintech company Bridgewise developed an AI Stock Talk for Discount – a Gen AI-based technology that allows interaction through chat, offering in-depth analysis of global stocks, company reviews, investment recommendations, viewing stocks within the same index, key parameters from financial reports, viewing extended reports for each stock, and the ability to interact with and pose questions to the chatbot.
"Banking is made up of data and decisions," said Pasternak. "AI is expected to have the most impact on process automation, financial analysis and optimization, risk and fraud management, and personalized customer service and sales. At Discount, we will be the first to deliver this breakthrough."
Pasternak added, "One of the areas where customers need the most information to make decisions is investment management: two-thirds of people trust an algorithm more than a human to manage their money, and 98% of our clients want a digital recommendation on their portfolio at least once a month. When a specific stock is of interest, people will scan every article about it, seek information, read reports, and gather opinions to make a decision. Starting today, all of this can be done in seconds with the Stocktalk app – the world's first AI-powered capital markets chatbot."
The chat is based on three models: a language model using data mining, an advanced stock rating model for decision-making that analyzes hundreds of financial parameters, and a trained language model – an interactive service interface.
"If a customer is interested in a specific sector, they can receive an analysis of companies in the field. If they are unfamiliar with the companies, they can access and view an in-depth analysis, and even request a summary based on the latest report. Additionally, they will be able to check the leading stocks in the technology sector and, with a click, access an extended report of the company."
In conclusion, Pasternak said, "In the financial field in general and banking in particular, we are committed to product quality. In this complex world, it's important to proceed with caution. That's why we decided to launch the product in the Discount app in two phases. The first phase is the beta version launch: 500 bank customers will help us turn the product from good to excellent. Today, we are opening the group to additional people. In the second phase, in a few weeks, we will launch it for all bank customers and everyone will be able to register."
