Most industries that operate online will have virtual assistants, otherwise known as chabots, to help increase the efficiency of service for its consumer base.
According to Grand View Research, the size of the global chatbot market was projected to be USD 5,132.8 million in 2022, and from 2023 to 2030, it is anticipated to increase at a compound annual growth rate (CAGR) of 23.3%. So, it goes without saying that chatbots will likely become an inseparable part of any successful enterprise.
In this article, we’ll explore how advancements in technology like machine learning and natural language processing have given humane attributes to these virtual companions, ultimately leading to their integral role as financial news assistants.
The early days of Chatbots
The predecessors of modern chatbots trace back to the 1950s to Alan Turing’s concept of the Turing test, a benchmark for a machine’s ability to exhibit intelligent behavior equivalent to, or indistinguishable from, that of a human.
In the 1960s, Joseph Weizenbaum’s ELIZA chatbot, inspired by the Turing test, became prominent. The chatbot was named after Eliza Doolittle, the main character of George Bernard Shaw’s play Pygmalion, where the protagonist wanted to learn eloquence and proper speaking etiquette.
ELIZA used pattern matching and keyword recognition to simulate a conversation with a Rogerian therapist, mimicking the user’s own words and questions. While not truly understanding the user’s intent, ELIZA’s ability to create the illusion of conversation sparked interest in chatbot technology.
The rise of machine learning and natural language processing
The turn of the millennium saw advancements in machine learning (ML) and natural language processing (NLP) that revolutionized chatbots. NLP allows computers to understand the nuances of human language, enabling chatbots to analyze the intent behind words and respond more naturally. Machine learning, meanwhile, lets chatbots learn and improve their responses based on past interactions.
This millennium saw the rise of virtual assistants like Apple’s Siri and Amazon’s Alexa. These chatbots could handle simple tasks like setting reminders, making calls, and answering basic questions.
How financial chatbots are helping investors access important news
The financial sector is dynamic and volatile, constantly providing news, updates, and market changes which makes it all the more difficult for traders and investors to keep pace with.
Trying to navigate through this manually is both time consuming and draining – potentially taking important focus away from making highly informed trading decisions. It is possible important updates could pass you by or you waste crucial periods searching for particular information.
This is where financial chatbots emerge as innovative assistants, offering a convenient way to stay informed in the evolving financial ecosystem.
The two key drivers behind the success of financial chatbots are accuracy and efficiency.
Powered by Artificial Intelligence (AI) and Natural Language Processing (NLP), you now have the ability to request particular data or information available to that platform just like if you were sat across the table from a stock market expert themselves!
The StockGeist Financial Chatbot
Have you ever imagined a scenario where you could simply ask your chat application:
“Which crypto to buy in 2024?”
“What is the latest Bitcoin ETF news?”
“Can you describe to me the performance of Tesla stock over the past month?”
The StockGeist Financial Chatbot, developed by Neurotechnology, is a financial chatbot designed to streamline your investment research and decision-making processes. This innovative tool has a user-friendly interface and quick response times, letting you access and analyze critical financial data efficiently.
The development team at StockGeist intuitively created this financial virtual assistant so that you can readily be provided with:
- Relevant updates – get notified of breaking financial news, market fluctuations, and significant events impacting specific industries or sectors.
- Cryptocurrency insights – learn about the latest developments in the world of cryptocurrency, including price trends, regulatory changes, and market analysis.
- Stock market analysis – access relevant stock market news, company performance updates, and analyst ratings, allowing you to make savvy investment decisions.
StockGeist’s proprietary chatbot can address a wide range of user queries about the market whilst specializing in stock sentiment trends, cryptocurrency sentiment analysis, and important financial news updates. Its access to a continuously updated data stream ensures you are consistently operating with the most current market information.
You can read more about the StockGeist financial chatbot here as well as a guide on other available financial virtual assistants in a recent article of ours.
The Advantages of Financial Chatbots
Financial chatbots offer a multitude of benefits that go beyond simply delivering the latest news. Here’s a broader explanation of the advantages they present:
Convenience and Accessibility
Chatbots are readily available 24/7, allowing you to access information at your own pace and convenience, despite your location or time.
Cost-efficient
By effectively handling a high volume of inquiries, chatbots can significantly reduce the strain on human resources for enterprises.
Ease of Use
The conversational interface eliminates the need to navigate complex financial websites or understand technical jargon.
Educational Tool
Chatbots can serve as a valuable learning resource for anyone trying to collect financial knowledge, provide basic financial literacy, and answer fundamental questions about various investment tools and stock market dynamics.
In summary, financial chatbots represent a significant leap forward in enabling easier access to particular financial information. They empower investors of all levels to stay informed, make data-driven decisions, and navigate the complexities of the financial markets with greater ease.
As these AI-powered tools continue to evolve, they hold the potential to revolutionize the way we interact with financial news and data, paving the way for a more informed and engaged investor community.
NLP Team Lead at Neurotechnology | StockGeist Project Lead – Senior NLP & LLM Developer
Vytas is a figurehead at Neurotechnology – founder and NLP team lead of StockGeist.ai at the age of just 21. With over 7+ years of experience in LLM and NLP development, Vytas’ passion and knowledge for developing AI-powered solutions burns brighter than ever before. He has a vast amount of experience in the field of sentiment analysis for the stock and crypto market, helping traders and investors better understand textual data across social platforms through his innovative platform, StockGeist.ai.
