The publicly-listed retail trading company XTB wants to focus more on developing artificial intelligence (AI) solutions for the retail trading industry. As Finance Magnates has learned, the broker is launching a new department dedicated to AI and has hired Tomasz Gawron as its Head. The company claims, that artificial intelligence will allow the company to "democratize access to data and personalize user experience."
XTB Invests in AI Development
The new department is a division within the existing Technology & Product department and will focus on the "responsible adoption" of artificial intelligence solutions within the company's business operations and its trading platforms.
Adam Dubiel, the Chief Product & Technology Officer at XTB, revealed to Finance Magnates that AI solutions within the broker are to serve all the company's operations and departments. Not only focusing on efficiency and data analysis, but also on support, customer onboarding, and increasing employee productivity.
"As a fintech company with a global customer base, we strive to be at the forefront of our industry amid AI and machine learning disruption," Dubiel said.
As part of the newly created AI department, the company wants to develop new technologies and focus on testing and validating them. The XTB AI team will further monitor the latest trends in artificial intelligence and keep employees' knowledge and skills related to fintech AI up to date.
For XTB, developing technological departments is nothing new. Some time ago, the company informed us that over 40% of its team is comprised of programmers and technical staff.
Experienced Programmer Becomes Head of XTB AI Division
Along with the announcement of launching a new department, XTB announced that it has hired Tomasz Gawron, an experienced programmer in robotics and the author of research on mobile robotics, as its Head.
"We plan to use AI to democratize access to data and personalize user experience," commented Gawron.
In the past, Gawron was not associated with the financial industry, but for the last two years, he worked at the creative consulting agency Wunderman Thompson Commerce & Technology, where he was responsible for developing the AI and robotics department.
"We are moving towards a world where a custom, interactive report is generated from fresh data whenever you ask. Imagine your personal assistant helping you distill insights from information available on our investment platform," Gawron added.
Investors will surely be interested in whether the new division will affect the ability to create additional revenues. According to third-quarter results, these fell 29% to PLN 121.1 million due to decreasing market volatility . However, XTB is trying to protect itself from this by introducing new products. At the beginning of November, Finance Magnates reported that the company would offer its clients up to 5% interest on idle deposits. In October, it also expanded access to fractional shares.
XTB Wants To Create New AI-Based Products
Although the head of the AI department admits that artificial intelligence technology carries some risks and that customers will initially rather see its indirect application in XTB's operations, ultimately, it will lead to the implementation of new products.
"The first AI applications will be connected more to internal workflows. Initially, the end user will experience the results of such AI implementations indirectly, through things such as e.g. better and more personalized news coverage on the platform," Gawron explained.
The next step for XTB is prototyping and testing new products. The company did not reveal details about what kind of products they might be but admits that thanks to artificial intelligence, solutions that would have been impossible just a few years ago can be created.
"It's important to note, that while AI is a hot topic now, what customers want is a great product. AI can help with that, but adding AI everywhere without making sure that it enhances the experience is a dead end," Gawron summarized.
