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ING: Begins using AI for currency pricing, outperforms humans

ING: Begins using AI for currency pricing, outperforms humans

Bitget2024/09/25 14:51

Golden Ten Data, Sept. 25 (Bloomberg) -- The Netherlands International Group (ING) has begun using artificial intelligence (AI) to price currencies, saying that AI's pricing ability is better than that of humans. The Netherlands International Group's global head of electronic trading Bivan (Simon Bevan) pointed out in an interview that the new AI model uses “reinforcement learning” technology to mimic the human trial-and-error process in order to make pricing decisions that adapt to market fluctuations. Previously, this crucial but relatively time-consuming task for the London trading team has now been taken on by AI. This initiative is ING's latest attempt to reduce operational costs by developing cutting-edge technology to remain competitive in a currency market with a global daily turnover of $7.5 trillion. In the future, ING will further enhance the efficiency of AI and reduce its reliance on traders.

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