Austrian fintech unicorn Bitpanda is set to invest $10million to establish a dedicated AI division. The firm plans to further simplify investing with a customisable AI-powered wealth manager.
BitPanda explained that it will focus on creating and delivering a range of AI-driven products and investing features. It also plans to work on a new product range which will include several products including:
- personalised investment ideas
- automated portfolio strategies
- real-time market analysis
As the investment platform looks to create a fully personalised experience, the AI-driven wealth coach provides a big positive step towards that. The coach could become a powerful tool within the company’s ecosystem; utilising AI and automation technologies to change the look of the investing journey for its users.
This news will not come as a surprise to many. The explosion of AI across all industries is continuing. As far as investment is concerned, many see generative AI as a way to consider considerable amounts of data to make the right call.
Personal finance comparison site, finder.com, recently created a ‘fictional’ fund for an experiment into how OpenAI’s ChatGPT can be used for investing. The fictional fund consisted of 38 stocks chosen by the AI chatbot on 6 March 2023. In the following eight weeks, the AI-created fund actually outperformed the average of the UK’s 10 most popular (real) funds.
While this news doesn’t offer anywhere near enough information to prove that AI has the ability to make us all rich – it is clear that new technology certainly has the potential to significantly change the personal investment landscape.
The future of AI and blockchain
Eric Demuth, co-CEO and founder of Bitpanda, explained how blockchain and AI technology could make personal wealth managers significantly more accessible. Demuth commented: “Historically, investing was only for wealthy people, but fintechs like Bitpanda made it accessible to everyone thanks to blockchain technology.
“AI is the next technology that will reshape personal finance. Today, personal wealth managers are only for the rich, but we will change that by making them accessible to everyone. AI-driven, fully personalised, and accessible 24/7 from the phones in their pockets”.
Bitpanda’s ‘trade-everything’ platform enables investors with all levels of experience to invest in the likes of cryptocurrencies, crypto indices, stocks, precious metals and commodities they want. The platform operates 24/7 and boasts hundreds of team members from across the globe, as well as over four million customers.