TL;DR:
- XTB established a dedicated AI department, appointing Tomasz Gawron as its Head.
- AI’s role: Democratizing data access and personalizing user experiences.
- The new department operates within the Technology & Product division.
- AI to enhance efficiency, data analysis, support, customer onboarding, and employee productivity.
- XTB’s commitment to staying ahead in the fintech industry amid AI and machine learning disruptions.
- Over 40% of XTB’s team comprises programmers and technical staff.
- Tomasz Gawron, an experienced robotics programmer, assumes leadership of the AI division.
- Focus on creating AI-powered products and internal workflow improvements.
- XTB aims to combat declining market volatility through innovative offerings.
- The company’s Q3 revenue saw a 29% decline to PLN 121.1 million.
- XTB introduces interest on idle deposits and expands access to fractional shares.
- Prototyping and testing of AI-powered products on the horizon.
- AI opens doors to possibilities that were previously unimaginable.
- This is a reminder that AI should enhance the user experience to be truly effective.
Main AI News:
In a strategic maneuver aimed at revolutionizing the retail trading industry, XTB, a publicly-listed retail trading company, is taking a bold step into the world of artificial intelligence (AI) solutions. As reported by Finance Magnates, XTB is set to unveil a dedicated AI department, with the appointment of Tomasz Gawron as its Head. The company envisions that AI will play a pivotal role in “democratizing access to data and personalizing user experiences.”
This innovative initiative falls under the purview of the existing Technology & Product department, with a primary focus on the “responsible adoption” of AI solutions throughout the organization’s business operations and trading platforms. Adam Dubiel, Chief Product & Technology Officer at XTB, emphasized that AI solutions will permeate every facet of the company, encompassing not just efficiency and data analysis but also extending to support, customer onboarding, and enhancing employee productivity.
“As a fintech company serving a global customer base, we are committed to staying at the forefront of our industry amidst the disruptive forces of AI and machine learning,” stated Dubiel.
Within the newly established AI department, XTB is poised to forge ahead in developing cutting-edge technologies while rigorously testing and validating them. The XTB AI team will remain vigilant in tracking the latest trends in AI, ensuring that employees’ knowledge and skills in fintech AI remain up-to-date.
XTB’s proclivity for bolstering technological departments is well-established, with over 40% of its workforce comprised of programmers and technical personnel.
Noteworthy Programmer Assumes Leadership of XTB AI Division
Simultaneously with the revelation of its new department, XTB proudly introduced Tomasz Gawron, a seasoned programmer renowned for his expertise in robotics and distinguished contributions to mobile robotics research, as the Head of the AI division.
“We are set to leverage AI to democratize access to data and tailor user experiences,” remarked Gawron.
While Gawron had no prior affiliations with the financial sector, his last two years at the creative consulting agency Wunderman Thompson Commerce & Technology saw him spearheading the development of the AI and robotics department.
Gawron envisions a future where a personalized, interactive report is generated on-demand from fresh data, akin to a personal assistant distilling insights from the wealth of information available on their investment platform.
Investors are keenly awaiting the impact of this new division on revenue generation. The third-quarter results indicated a 29% decline in revenue to PLN 121.1 million due to dwindling market volatility. XTB is actively fortifying its position against this backdrop by introducing novel products. In early November, Finance Magnates reported the company’s offering of up to 5% interest on idle deposits to clients. In October, it broadened access to fractional shares.
XTB’s Ambition: Forging AI-Powered Products
While acknowledging that AI technology carries inherent risks, the head of the AI department anticipates that customers will initially experience its indirect applications within XTB’s operations. Ultimately, however, these innovations will pave the way for the implementation of groundbreaking products.
“The initial AI applications will be closely tied to internal workflows. Initially, end-users will encounter the outcomes of such AI implementations indirectly, such as improved and more personalized news coverage on the platform,” elucidated Gawron.
The next phase for XTB involves prototyping and testing these novel products. While specific product details remain undisclosed, XTB affirms that artificial intelligence has unlocked possibilities that were inconceivable just a few years ago.
Gawron concluded with a vital reminder, “It’s crucial to emphasize that while AI is currently a focal point, what customers truly desire is a superior product. AI can undoubtedly contribute to that objective, but inundating every aspect with AI without ensuring it enhances the overall experience is a futile endeavor.“
Conclusion:
XTB’s strategic move into AI, led by robotics expert Tomasz Gawron, signifies a bold step towards transforming the retail trading industry. By harnessing artificial intelligence, the company aims to enhance its offerings, improve internal workflows, and stay at the forefront of fintech innovation. This move comes as XTB seeks to counteract declining market volatility and expand its product portfolio. The success of this endeavor will depend on effectively integrating AI to enrich the overall user experience.
