As the conversation continues around ChatGPT and other AI-driven tools, InvestmentNews technology editor Ryan Neal included MarketReader among the fintech firms finding new ways to bring AI to financial advisors:
Another new technology, MarketReader, uses proprietary models to give real-time explanations on why markets are moving. The company feeds its data to ChatGPT, which generates a single-paragraph summary about why a certain asset or fund is moving as it is.
The company hopes this approach can make MarketReader more useful for financial advisors than more expensive tools like the Bloomberg terminal.
MarketReader CEO Jens Nordvig shared his thoughts on how advisors may benefit from MarketReader, and explained some of the key differences between MarketReader and other ChatGPT solutions:
“At the end of the day, [financial advisors] might get in front of their screens to catch up on what’s been happening, or even at the end of week, and don’t need to know every single wiggle in the market,” said Jens Nordvig, co-founder and CEO of MarketReader. “We can summarize all of the high-frequency things exactly into the frequency that they want.”
While the publicly available ChatGPT has been criticized for inaccuracies in some prompts, MarketReader says it can overcome this by feeding the algorithm specific, curated and high-quality data.
“If you tell ChatGPT to work with a data set that is full of garbage, it’s going to give you summaries that are full of garbage,” Nordvig said.