By Conor O’Driscoll VP of OTC Platform at Devexperts
By Conor O’Driscoll VP of OTC Platform at Devexperts

How technology will shape the trading behaviour of tomorrow

Mobile technology opened the door for the individual trader. Prior to this technology, prospective traders were bound by location and inhibited by daily routines and obligations. From conception, the percentage of trades made via a mobile platform and the amount of trade volume has steadily increased.

Mobile technology opened the door for the individual trader. Prior to this technology, prospective traders were bound by location and inhibited by daily routines and obligations. From conception, the percentage of trades made via a mobile platform and the amount of trade volume has steadily increased. The number of traders either transitioning from desktop platforms or beginning their trading experience on a mobile platform is ever increasing. Today, a broker without a mobile trading option will struggle to onboard new clients and will lose traders because this convenience has become the expected norm. As more tech-savvy generations begin to manage more of the world’s wealth, technological innovations will be the main factor to remove obstacles for prospective traders.

Advisors will have a deeper connection with their investors and be able to keep them better informed
Advisors will have a deeper connection with their investors and be able to keep them better informed

Money talks, and now traders can talk back

The demand for innovative mobile platforms remains strong and should not be ignored. This does not negate the need to look for the next leap in trade-platform technologies. In that light, Devexperts has created Devexa, a first of its kind trader’s assistant built with emerging technologies in mind. Devexa is a SaaS chatbot solution that can be customized and integrated into trading platforms, including MT4/5, that offers instant access to the broker’s trading platform, voice control, natural language support, real-time market data, different order types, “If-then” alerts and queries based on historical market data and multi-language support.
 
Chatbot set up is very simple. Traders can choose their favourite messaging application; Telegram, Viber, Facebook, etc. From there, accessing the bot is simply a matter of clicking a link and starting a conversation. The bot will retain the information provided for future use and begin assisting them, learning their habits and interests. Chatbots like Devexa contain a powerful administrative backend that allows marketing teams to use this information to better understand their trader’s individual needs and be able to act on them with targeted information and offers.

With API and integration with a broker’s marketing software, marketing teams can broadcast messages and calls to action to all users, or target users who have shown consistent interest, for example, users who are interested in EUR/USD. With this kind of communication capability, brokers are able to create more conversions through personalized sales approaches and give insights into market sentiment through observations made on the aggregated data and dialogues while always remaining in accordance, and staying up to date, with data privacy regulations.

Advancing Fintech through MR/AR assisted trading analysis will engage traders and investors in new and powerful ways
Advancing Fintech through MR/AR assisted trading analysis will engage traders and investors in new and powerful ways

Trading assistants offer far more to brokers

Chatbots are capable of providing more specific guidance. No more FAQs; chatbots will be able to answer questions and provide guidance that is not only valuable to traders but for brokers too. This information is trackable, which means traders can be singled out, or grouped together to receive targeted prompts that are specifically tailored to engage or re-engage traders, increasing the likelihood that such traders will resume trading; aggregated, this data can be used to create better landing pages and assist in marketing development.
 
If a trader is consistently requesting updates on Bitcoin, for example, a chatbot will learn and adapt to this particular user’s behavior—it will retain the information that has been asked and will feed this information to the administrative backend. This allows the broker to better understand the needs and wants of their client, giving them an insight into how to better target sections of their client base. They can be placed in the groups of traders who also have shown consistent interest in Bitcoin and those traders can all be notified and targeted accordingly.

As this technology advances, traders will have intelligent personal advisors enhanced with emerging technologies: AR, Leap Motion, Voice Assistants, and Artificial Intelligence. These advisors will use natural language to provide real-time quotes, charts and fundamentals, details on personal portfolios, orders, positions, and other information. The same powerful interface will work across all platforms and on all devices; AR/VR headsets, mobile, and smart devices. What begins as a valuable add-on for messenger services will become a fully immersive trading experience.

Chatbots will be able to answer questions and provide guidance that is not only valuable to traders  but for brokers too
Chatbots will be able to answer questions and provide guidance that is not only valuable to traders but for brokers too

Client information

Ever increasing regulatory requirements, often oblige brokers to collect more data from their users for AML/KYC procedures. Chatbots are able to automate this procedure for a broker. Traders will be able to submit their information by responding to simple prompts from their automated trading assistant and then immediately be able to return to trading, decreasing downtime.

A chatbot acts as another channel to collect client information in a more intuitive format. There will be no need to spend time filling out forms and their inbox won’t be inundated with request e-mails. This will result in increased response rates and save brokerages money as there will no longer need to be teams of account managers and sales representatives tracking traders down.

Take, for example, CRS requirements where brokers must gather tax information from their clients. Brokerages struggle to attain this information as clients are required to respond to emails and calls and take time to fill out the forms. This is time-sensitive information that needs to be gathered.

With a chatbot, traders receive consistent automated updates straight to their messenger app of choice, bringing awareness and increased urgency to the client’s attention. It allows clients to respond with the required information in a conversational format without the need to click away or fill out a form. The whole arduous and expensive process becomes more automated and effective.

Look, no hands!

Nearly 50% of millennials own smart home devices. Voice user interfaces (VUI) are rapidly becoming a norm for how the upcoming generations interact with technology. It offers a new way for brokers to connect with traders. With conversational UIs, traders will be able to instantly reach out to a broker’s help desk using natural language to get real-time quotes, fundamentals, details on their portfolio, orders, positions, etc.

This not only offers extended usability for current traders, but it also opens doors for those with disabilities to become a part of the process. With the pace of AI growth, the capabilities of conversational UIs will continue to leap and bound because speech is the most natural way that humans communicate. Given a choice, clients will choose the service that provides them with this natural form of communication.

Mixing in Mixed Reality

The use of mixed and augmented realities (MR/AR) at their current stage of development is often viewed as gimmicky and reserved for privileged gamers. Innovation is not as much about current customers as it is about those in the future. Millennials and Gen Z interact with and adapt to new technologies at a blinding pace. They are the traders of tomorrow, and the brokers who incorporate those technologies into their product offering will attract those traders.

Advancing Fintech through MR/AR assisted trading analysis will engage traders and investors in new and powerful ways. Users will no longer be restricted to the two-dimensional confined area of a computer screen. 3D visuals are able to visualize financial market data with new insights.

Companies using fixed multi-monitor stations will be able to replace their hardware with MR headsets where users can work together in any space and on any surface. Colleagues will be able to work together more effectively with virtual conferencing and advanced holographic data representation, improving issues of miscommunication and allowing for faster decision making.

Advisors will have a deeper connection with their investors and be able to keep them better informed and analyze key decisions by displaying their point-of-view in virtual environments and holographic data representations. For example, an advisor equipped with an MR headset will be able to monitor integrated news feeds and historical data while using tech-market replay and backtesting to make the most informed decisions and be able to share this information with clients either in real-time or through a visualization depicting an enhanced view of dynamic data.

If an analyst who works with a great deal of data needs to consider a multitude of data streams at any given moment. Equipped with AR, the process of visualizing and tracking this data will become seamless and intuitive. With this technology married to a conversational UI, trading becomes an immersive hands-free experience with all of the necessary information at the tip of a trader’s tongue.

Towards a new Intelligent Platform

The next trading platform won’t be a ‘voice platform’ or a ‘VR platform,’ it will be the Intelligent Platform. Intelligent Platforms will offer uncountable advantages to brokerages and fintech as a whole. User interfaces supported by natural navigation and mixed realities allow for closer collaboration with clients. Artificial intelligence with natural language programming incorporated into VUI chatbots offers a powerful administrative tool to keep clients engaged and all information they receive on target.

Traders will be able to interact with the market in their own words, analyze data in new ways and receive education from anywhere in the world through holographic AR/VR conferencing. As with mobile trading, these technological innovations will increase trade volume, onboard prospective traders and increase retention by being able to offer a trading experience above and beyond the competition.

Technology is becoming more intelligent. When it is complemented by data, the applications will be limitless. It is faster to talk than type, faster to point than click and when all of the necessary information is readily available, decisions are made faster.