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Artificial Intelligence

Artificial Intelligence is Heading to Asset Management

AI deals have become lucrative with nearly $1.9 billion of equity funds pouring into asset management

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AI is headed where the money is: asset management

The business of managing people’s money is lucrative for Artificial Intelligence deals. Nearly $1.9 billion of equity funds have poured into asset and wealth management sector, according to CB Insights, a market data firm that tracks private companies.

About $1 billion of the funds went into data and analytics, where advisers and analysts can rely on generative AI as their handy research assistant; feeding proprietary and public information into the system, AI can help make timely decisions, automate workflows, and generate communication for clients.

The technological leap comes in good time as advisers are grappling with the magnitude of research needed to meet customer demands. With four in five financial advisers expecting to use artificial intelligence to engage clients and automate manual tasks, consulting firm Accenture projects generative AI will be used in 90% of banking working hours.

“The asset, wealth, [and] financial management sector is undergoing a seismic shift in consumer demand,” said Yasin Rosowsky, co-founder and chief technology officer of Arabesque AI, a sustainable fintech provider whose AI generates customized portfolios.

Rosowsky told Quartz that the next generation expects a “Netflix” treatment filled with choices—a “watch what you want, when you want, how you want” approach to portfolio management—and their preferences, are increasingly focused on sustainability and impact. This additional focus is time-consuming to meet and that’s where AI can step in.

Gen Z want to invest in causes they personally align with

Two-thirds of young people want to put their money in causes they personally align with, according to a recent US Bank survey. That means more demand for specific information that requires time and effort to dig into each business.

Arabesque AI’s engine, Aether, uses cloud-based computation to forecast roughly 20,000 global company prices and 250 features every day. The fintech firm focuses on layering sustainability and climate risk factors into each portfolio. “Tasks that once required months of expensive work from entire teams of researchers can now be automated, thus lowering cost [and] making them more accessible,” said Rosowsky.

JPMorgan Asset & Wealth Management also acquired a similar platform two and a half years ago. Its CEO Mary Callahan Erdoes told investors in May that through its company OpenInvest allows users to “personalize [their] values” by adding those preferences to the AI. Generative AI can then tailor a customer’s entire wealth, including assets held away, to those values-based choices. “It will be the Holy Grail of how people think about managing their assets, and we’re well on our way,” she said.

AI handles the TL;DR financial information

Advisers are also finding generative AI tools to help them find and summarize information.

Orion Advisor Solutions is a fintech that specializes generating “smart summaries” for advisers to evaluate a portfolio according to their client’s wishes. The so-called smart summary draws on financial data and gives talking points for the adviser to explain the impact of the portfolio changes.

“In wealth management, there are some complex things in a portfolio, like rebalancing, tax optimization, and asset allocation [that] the adviser usually needs to explain it to the client,” said Mustapha Baassiri, Orion’s chief technology officer. That’s where a generative AI comes in, he said, as it can personalize talking points to the client’s persona.

 

Man with a microphone in a congressional hearing

 

 

OpenAi’s CEO Sam Altman said at last week’s developer conference that ChatGPT has reached 100 million weekly active users, adding that more than 92% of Fortune 500 companies use ChatGPT

 

Photo: ELIZABETH FRANTZ (Reuters)

 

 

GPT-4 is superior, but advisers are looking elsewhere

So far, the asset and wealth industry is mainly using ChatGPT as its foundational large language model (LLM). Still, companies say they are looking to diversify.

Baassiri finds GPT-4, OpenAI’s latest release, to be the most advanced, and that means they didn’t “have to tweak it as much, so out of the box works for our use case.” As with any startups, the business want to create the product as quickly as possible and launch it to the market.

“It all comes down to price, speed, and how well the model works, but that hasn’t been an issue for us,” he added. However in the future, companies like Orion may need bigger models for more complex products—and that’s where their cloud provider may step up.

Orion uses Amazon Redshift as their primary data warehouse and analytics platform. With Amazon pushing their LLM offerings to cloud customers, it’s hard not to take note as it could be convenient to have all the infrastructure hosted at the same place. “We will definitely look at their model to use it and compare it to OpenAI model,” said Baasiri.

Arabeque AI uses Google Cloud as part of Google’s startup program and are considering using a hybrid cloud solution to do the computation due to cost. While it feels like AI could be a job-killer, AI makers and users alike say humans are still very much needed.

“What AI is doing is summarizing, translating… A human adviser is doing much more than that. They’re managing client relationships,” Baasari said. “I don’t think there’s a risk of replacing a human adviser anytime soon.”

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Artificial Intelligence

Lets Govern AI Rather Than Let It Govern Us

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A pivotal moment has unfolded at the United Nations General Assembly. For the first time, a resolution was adopted focused on ensuring Artificial Intelligence (AI) systems are “safe, secure and trustworthy”, marking a significant step towards integrating AI with sustainable development globally. This initiative, led by the United States and supported by an impressive cohort of over 120 other Member States, underscores a collective commitment to navigating the AI landscape with the utmost respect for human rights.

But why does this matter to us, the everyday folks? AI isn’t just about robots from sci-fi movies anymore; it’s here, deeply embedded in our daily lives. From the recommendations on what to watch next on Netflix to the virtual assistant in your smartphone, AI’s influence is undeniable. Yet, as much as it simplifies tasks, the rapid evolution of AI also brings forth a myriad of concerns – privacy issues, ethical dilemmas and the very fabric of our job market being reshaped.

The Unanimous Call for Responsible AI Governance

The resolution highlights a crucial understanding: the rights we hold dear offline must also be protected in the digital realm, throughout the lifecycle of AI systems. It’s a call to action for not just countries but companies, civil societies, researchers, and media outlets to develop and support governance frameworks that ensure the safe and trustworthy use of AI. It acknowledges the varying levels of technological development across the globe and stresses the importance of supporting developing countries to close the digital divide and bolster digital literacy.

The United States Ambassador to the UN, Linda Thomas-Greenfield, shed light on the inclusive dialogue that led to this resolution. It’s seen as a blueprint for future discussions on the challenges AI poses, be it in maintaining peace, security, or responsible military use. This resolution isn’t about stifling innovation; rather, it’s about ensuring that as we advance, we do so with humanity, dignity, and a steadfast commitment to human rights at the forefront.

This unprecedented move by the UN General Assembly is not just a diplomatic achievement; it’s a global acknowledgment that while AI has the potential to transform our world for the better, its governance cannot be taken lightly. The resolution, co-sponsored by countries including China, represents a united front in the face of AI’s rapid advancement and its profound implications.

Bridging the Global Digital Divide

As we stand at this crossroads, the message is clear: the journey of AI is one we must steer with care, ensuring it aligns with our shared values and aspirations. The resolution champions a future where AI serves as a force for good, propelling us towards the Sustainable Development Goals, from eradicating poverty to ensuring quality education for all.

aiunitednations

The emphasis on cooperation, especially in aiding developing nations to harness AI, underscores a vision of a world where technological advancement doesn’t widen the gap between nations but brings us closer to achieving global equity. It’s a reminder that in the age of AI, our collective wisdom, empathy, and collaboration are our most valuable assets.

Ambassador Thomas-Greenfield’s remarks resonate with a fundamental truth: the fabric of our future is being woven with threads of artificial intelligence. It’s imperative that we, the global community, hold the loom. The adoption of this resolution is not the end, but a beginning—a stepping stone towards a comprehensive framework where AI enriches lives without compromising our moral compass.

At the heart of this resolution is the conviction that AI, though devoid of consciousness, must operate within the boundaries of our collective human conscience. The call for AI systems that respect human rights isn’t just regulatory rhetoric; it’s an appeal for empathy in algorithms, a plea to encode our digital evolution with the essence of what it means to be human.

This brings to light a pertinent question: How do we ensure that AI’s trajectory remains aligned with human welfare? The resolution’s advocacy for cooperation among nations, especially in supporting developing countries, is pivotal. It acknowledges that the AI divide is not just a matter of technological access but also of ensuring that all nations have a voice in shaping AI’s ethical landscape. By fostering an environment where technology serves humanity universally, we inch closer to a world where AI’s potential is not a privilege but a shared global heritage.

Furthermore, the resolution’s emphasis on bridging the digital divide is a clarion call for inclusivity in the digital age. It’s a recognition that the future we craft with AI should be accessible to all, echoing through classrooms in remote villages and boardrooms in bustling cities alike. The initiative to equip developing nations with AI tools and knowledge is not just an act of technological philanthropy; it’s an investment in a collective future where progress is measured not by the advancements we achieve but by the lives we uplift.

Uniting for a Future Shaped by Human Values

The global consensus on this resolution, with nations like the United States and China leading the charge, signals a watershed moment in international diplomacy. It showcases a rare unity in the quest to harness AI’s potential responsibly, amidst a world often divided by digital disparities. The resolution’s journey, from conception to unanimous adoption, reflects a world waking up to the reality that in the age of AI, our greatest strength lies in our unity.

As we stand at the dawn of this new era, the resolution serves as both a compass and a beacon; a guide to navigate the uncharted waters of AI governance and a light illuminating the path to a future where technology and humanity converge in harmony. The unanimous adoption of this resolution is not just a victory for diplomacy; it’s a promise of hope, a pledge that in the symphony of our future, technology will amplify, not overshadow, the human spirit.

In conclusion, “Let’s Govern AI Rather Than Let It Govern Us” is more than a motto; it’s a mandate for the modern world. It’s a call to action for every one of us to participate in shaping a future where AI tools are wielded with wisdom, wielded to weave a tapestry of progress that reflects our highest aspirations and deepest values.

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Artificial Intelligence

KASBA.AI Now Available on ChatGPT Store

ChatGPT Store by OpenAI is the new platform for developers to create and share unique AI models with monetization opportunities

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chatgpt store kasba.ai

OpenAI, the leading Artificial Intelligence research laboratory has taken a significant step forward with the launch of the ChatGPT Store. This new platform allows developers to create and share their unique AI models, expanding the capabilities of the already impressive ChatGPT. Among the exciting additions to the store are Canva, Veed, Alltrails and now KASBA.AI with many more entering every day.

About OpenAI

OpenAI, founded by Elon Musk and Sam Altman, has always been at the forefront of AI research. With a mission to ensure that artificial general intelligence benefits all of humanity, they have consistently pushed the boundaries of what is possible in the field.

OpenAI’s ChatGPT has already changed the way we interact with technology with its ability to generate coherent and contextually relevant responses. Now, with the ChatGPT Store, OpenAI is aiming to empower developers and non technical users to contribute and build upon this powerful platform.

kasba.ai chatgpt store

What is the ChatGPT Store?

The ChatGPT Store is an exciting initiative that allows developers to create, share and in time monetise their unique AI models. It serves as a marketplace for AI models that can be integrated with ChatGPT.

This means that users can now have access to a wide range of specialised conversational AI models, catering to their specific needs. The ChatGPT Store opens up a world of possibilities, making AI more accessible and customisable than ever before.

chatgpt store

Key Features of the ChatGPT Store

Some unique features of the store include customisable AI models, pre trained models for quick integration and the ability for developers to earn money by selling their models.

Developers can also leverage the rich ecosystem of tools and resources provided by OpenAI to enhance their models. This collaborative marketplace fosters innovation and encourages the development of conversational AI that can cater to various industries and use cases.

Impact on Industries and Society

The launch of the ChatGPT Store has far reaching implications for industries and society as a whole. By making AI models more accessible and customisable, businesses can now leverage conversational AI to enhance customer support, automate repetitive tasks and improve overall efficiency.

From healthcare and finance to education and entertainment the impact of AI on various sectors will only grow with the availability of specialised models on the ChatGPT Store. This democratisation of conversational AI technology will undoubtedly pave the way for a more connected and efficient world.

Ethical Considerations

As with any technological advancement, ethical considerations are crucial. OpenAI places a strong emphasis on responsible AI development and encourages developers to adhere to guidelines and principles that prioritize user safety and privacy. The ChatGPT Store ensures that AI models are vetted and reviewed to maintain high standards.

OpenAI is committed to continuously improving the user experience, and user feedback plays a vital role in shaping the future of AI development. For specific concerns regarding AI and data protection visit Data Protection Officer on ChatGPT Store.

dpo chatgpt store

KASBA.AI on ChatGPT Store

One of the most exciting additions to the ChatGPT Store is KASBA.AI, your guide to the latest AI tool reviews, news, AI governance and learning resources. From answering questions to providing recommendations, KASBA.AI hopes to deliver accurate and contextually relevant responses. Its advanced algorithms and state of the art natural language processing make it a valuable asset to anyone looking for AI productivity tools in the marketplace.

Takeaway

OpenAI’s ChatGPT Store represents an exciting leap forward in the world of conversational AI. With customisable models, the ChatGPT Store empowers developers to create AI that caters to specific needs, with the potential to propel industries and society to new horizons..

OpenAI’s commitment to responsible AI development should ensure that user safety and privacy are prioritised; lets keep an eye here! Meanwhile as we traverse this new era of conversational AI, ChatGPT Store will undoubtedly shape the future of how we interact with technology in time to come with potentially infinite possibilities.

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Artificial Intelligence

Two AIs Get Chatty: A Big Leap at UNIGE

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Chatting AIs: How It All Started

Scientists at the University of Geneva (UNIGE) have done something super cool. They’ve made an AI that can learn stuff just by hearing it and then can pass on what it’s learned to another AI. It’s like teaching your friend how to do something just by talking to them. This is a big deal because it’s kind of like how we, humans, learn and share stuff with each other, but now machines are doing it too!

Two AIs Get Chatty By Taking Cues from Our Brains

This whole idea came from looking at how our brains work. Our brains have these things called neurons that talk to each other with electrical signals, and that’s how we learn and remember things. The UNIGE team made something similar for computers, called artificial neural networks. These networks help computers understand and use human language, which is pretty awesome.

How Do AIs Talk to Each Other?

For a long time, getting computers to learn new things just from words and then teach those things to other computers was super hard. It’s easy for us humans to learn something new, figure it out, and then explain it to someone else. But for computers? Not so much. That’s why what the UNIGE team did is such a big step forward. They’ve made it possible for one AI to learn a task and then explain it to another AI, all through chatting.

two ais get chatty cool

Learning Like Us

The secret here is called Natural Language Processing (NLP). NLP is all about helping computers understand human talk or text. This is what lets AIs get what we’re saying and then do something with that info. The UNIGE team used NLP to teach their AI how to understand instructions and then act on them. But the real magic is that after learning something new, this AI can turn around and teach it to another AI, just like how you might teach your friend a new trick.

Breaking New Ground in AI Learning

The UNIGE team didn’t just stop at making an AI that learns from chatting. They took it a step further. After one AI learns a task, it can explain how to do that task to another AI. Imagine you figured out how to solve a puzzle and then told your friend how to do it too. That’s what these AIs are doing, but until now, this was super hard to achieve with machines.

From Learning to Teaching

The team started with a really smart AI that already knew a lot about language. They hooked it up to a simpler AI, kind of like giving it a buddy to chat with. First, they taught the AI to understand language, like training it to know what we mean when we talk. Then, they moved on to getting the AI to do stuff based on what it learned from words alone. But here’s the kicker: after learning something new, this AI could explain it to its buddy AI in a way that the second one could get it and do the task too.

A Simple Task, A Complex Achievement

The tasks themselves might seem simple, like identifying which side a light was flashing on. But it’s not just about the task; it’s about understanding and teaching it, which is huge for AI. This was the first time two AIs communicated purely through language to share knowledge. It’s like if one robot could teach another robot how to dance just by talking about it. Pretty amazing, right?

Why This Matters

This is a big deal for the future. It’s not just about AIs chatting for fun; it’s about what this means for robots and technology down the line. Imagine robots that can learn tasks just by listening to us and then teach other robots how to do those tasks. It could change how we use robots in homes, hospitals, or even in space. Instead of programming every single step, we could just tell them what we need, and they’d figure it out and help each other out too. It’s like having a team of robots that learn from each other and us, making them way more useful and flexible.

The UNIGE team is already thinking about what’s next. Their AI network is still pretty small, but they believe they can make it bigger and better. We’re talking about robots that not only understand and learn from us but also from each other. This could lead to robots that are more like partners, helping solve problems, invent new things, and maybe even explore the universe with us.

What’s the Future?

This adventure isn’t just about what’s happening now. It’s about opening the door to a future where robots really get us, and each other. The UNIGE team’s work is super exciting for anyone who’s into robots. It’s all about making it possible for machines to have chats with each other, which is a big deal for making smarter, more helpful robots.

The brains behind this project say they’ve just started. They’ve got a small network of AI brains talking, but they’re dreaming big. They’re thinking about making even bigger and smarter networks. Imagine humanoid robots that don’t just understand what you’re telling them but can also share secrets with each other in their own robot language. The researchers are pretty stoked because there’s nothing stopping them from turning this dream into reality.

So, we’re looking at a future where robots could be our buddies, understanding not just what we say but also how we say it. They could help out more around the house, be there for us when we need someone to talk to, or even work alongside us, learning new things and teaching each other without us having to spell it all out. It’s like having a robot friend who’s always there to learn, help, and maybe even make us laugh.

Wrap up

What started as a project at UNIGE could end up changing how we all live, work, and explore. It’s a glimpse into a future where AIs and robots are more than just tools; they’re part of our team, learning and growing with us. Who knows what amazing things they’ll teach us in return?

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