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AI Tools Like ChatGPT Set to Shake Up the City Says Traders Survey
Artificial intelligence and machine learning tools like ChatGPT as set to shake up the city, according to a new poll from JP Morgan. Over half of traders surveyed in JP Morgan’s eTrading survey felt that AI and machine learning will be the most influential technology over the next three years, a rise 25 per cent last year.
This was a major change from last year when mobile trading applications topped the survey with 29 per cent and blockchain technology scored 25 per cent. AI and machine learning has had a big impact on traders in the recent years. The technology can analyse and process huge amounts of data far more accurately than humans, identifying patterns and trends.
The survey of 835 professional traders from 60 different countries, also found increasing concerns around towards cryptocurrency. From the data, 72 per cent of traders surveyed said they have no plans to trade crypto and digital assets with only eight per cent currently doing so in the research.
Commenting on the findings, Dominic Duru, co-founder of city firm DKK Partners said: “The rise of AI will have a huge impact on the financial services industry, equipping traders incredible capabilities and speeding up decision-making. However, these technologies should be seen as an enabler for city professionals, rather than a replacement. That’s why it’s vital that workers are properly trained with the latest tech skills, so they can harness machine learning to deliver even greater results for their customers.”
“Machine learning is already having a big impact on the trading landscape and that will only grow with the increase in data that electronic trading brings,” Scott Waker Head of FICC e-commerce sales at JP Morgan said.
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