With time we have witnessed changes in banking and trading technologies. For the banking and trading markets, advanced technology has been the major factor behind the transformation. In terms of trading, technology brings many advantages, including faster and automated execution, high frequency trading, freedom and flexibility for traders, etc. Traders in need of instant, real time stock information have to rely upon searching for stock information on various websites or trading apps, which is a tedious job for them.
The problem arises with the fact that information may be varied and a user may be subjected to combing through long lists of company names to find out his/her choice of investments. In such cases, technology can play a crucial role. Especially, if we talk about role of Artificial Intelligence (AI) in trading, it has added the power to make huge changes. In order to bring one such change for the traders, Researchbytes, promoter of brand Moneypot.in, has partnered with Intelegain Technologies, a Mumbai based technology solutions company, to create and nurture a stock trading chatbot named ‘Professr’, which assists investors with real time stock prices, helps understand the nuances of trading on the Moneypot stock simulation platform.
Challenges in the current online trading scenario
The current online stock trading ecosystem spends a huge amount of capital in creating and maintaining multiple user interfaces for consumers. “Various application interfaces need to be programmed, published, and installed by the consumers which involves high investment and operating cost. Moreover, consumers need to adapt to new updates and additions each time to keep up with the functionalities offered in the new interfaces,” says Neeraj Gargi, CTO, Intelegain.
Currently, a user has to either go to various stock trading websites available on the internet or go through the exhaustive process of installing and setting up an account on a trading app. The predicament with searching for stock information on different websites is that the information may be varied and the user may have to search through long lists of company names to take any investment related decision.
Challenges ‘Professr’ overcomes
To address the customer’s problem, Intelegain Technologies has created an AI-based stock trading chatbot, named ‘Professr.’ A chatbot is like a webpage in a way that it can be used without being downloaded.
“The foremost solution Professr offers is that of a simple, unified consumer experience. The Professr is available on multiple channels; it is for now incorporated with Skype, Slack, Microsoft Team, etc. Going forward, it has plans to be made available on more platforms. The user interface is already familiar to the trader, as various messenger services are part of the daily life. It is a lightweight interface where there is no need to download or register. The Professr, being NLP (Natural Language Processing) equipped, offers a personalised and a simplified way of handling tasks through a natural and human-like approach to interaction. It provides a shorter and simpler workflow that is easy for a novice investor to understand,” mentions Gargi.
The Professr’s stock information is updated in real time from the Moneypot platform’s price feed. It currently provides BSE (Bombay Stock Exchange) prices, but plans of extending to various global exchanges are already set in motion. Moneypot was built on Microsoft .NET framework.
“We have further utilised MS technologies for the Professr in following ways: Serverless compute using Azure functions, node.js as programming language to code business logic in bot, Visual Studio Code as IDE for node.js (and TFS as code repo), MS Azure Bot Framework for bot hosting and deployment on different channels, MS LUIS service to interpret user statements into business logics, MS QnA service to retrieve fixed depth answers for questions related to Professr or usage of Moneypot platform, and, HTTP GET services on Moneypot server build over .Net MVC,” states Gargi.
The users can take free-entry text, which provides a clear idea of what it is; lowers the initial communication friction and presents in erstwhile options. From the very beginning, the intent is help-related and in a form of casual text entry. Professr trading bot is developed to provide a shorter and simpler workflow. Trading websites offer a complex view of the trading market, which a novice may not be able to understand. Professr offers a way for beginners to learn about stock trading through a simple interactive method. Simplicity is the prime reason for Professr being the go-to solution for academic institutions, corporate and individual novice investors to use while trading on Moneypot – the stock trading simulation platform used for training purposes.