Bots replacing humans in FX support! A view from within

Maria Nikolova

“When bots are utilized, and configured, in a user-friendly way, they can perhaps provide an even better experience than an actual person would”, says Natallia Hunik, Global Head of Sales, Advanced Markets & Fortex.

FinanceFeeds continues to explore the combination of AI and Forex… Following last week’s report that Japan’s company Fukoku Mutual Life Insurance plans to make 34 members of its claims assessment personnel redundant, replacing them with bots, we explore further the prospect of Bots taking over from FX support staff.

Helping us in this endeavor is Natallia Hunik, Global Head of Sales, Advanced Markets & Fortex, who kindly agreed to share her perspective on the future applications of AI in the FX support segment.

Bots in FX? Yes or No?

Ms. Hunik’s stance is rather supportive of this trend.

“There’s no reason why FX Companies shouldn’t begin to experiment with these in 2017 as I believe that bots will only gain more traction going forward , allowing brokerages to become even leaner. Conversation bots can help companies with a limited staff to handle a massive number of inquiries through multiple media channels”, Natallia Hunik, Global Head of Sales, Advanced Markets & Fortex.

Her words underline a major advantage of using automated systems in FX support teams – optimization of financial and human resources and generating savings in the long term. Regarding some particular numbers, you may recall that Fukoku Mutual Life Insurance will pay JPY 200 million (USD 1.72 million/EUR 1.64 million/GBP 1.42 million) for the installation of the system later in January, whereas the savings from salaries are set to be around JPY 140 million a year.

The Pros (no Cons)

natalia-hunik
Natallia Hunik

One major advantage was underlined by Ms Hunik, as she said that “Conversation bots could be a key resource for many firms and would help with regard to scalability and could create savings on, for example, headcount.”

We already mentioned savings generated from salaries, but as Ms Hunik explains further, “I see how bots could be a great help in the retail space, based on the volume of client conversations/communications alone.”

Therefore, there seems to be a much bigger plus stemming from the move towards AI solutions in FX. And this is the better workload management.

In fact, it is the company’s workforce that will benefit from such a workload drop. An automated system will take over the tedious part of a job, leaving the most human tasks to human beings. Going back to the case with Fukoku Mutual Life Insurance, let’s stress that the bots will be doing the calculations for payments assessment, whereas the human staff will still make the final decisions.

Ms Hunik commented: “I can’t really imagine bots playing big role with regard to areas of the business that deal with compliance, funding and legal as those typically require human involvement given the sensitivity of the data and the implications relating to privacy.”

Fancy a Karoshi?

Another important factor to consider as to the need to use robots in Forex support is that they are likely to markedly reduce the risk of burn-out. It is not a random fact that Japanese companies are in a hurry to adopt these technologies. According to a recent study, at least 12% of Japanese employees work extra 100 hours a month, whereas 20% of the employees are threatened by Karoshi. “Karoshi” is the Japanese term for “death from overworking”. There is a law pushing Japanese companies to take measures to reduce such risks for their staff. Enrolling robots is one way to do it.

The Improved Customer Support

Ms Hunik mentioned a number of work areas, where the bots may be useful: “I can actually see chatbots bringing big change into the sales, marketing and customer service departments of FX brokerages, with many of the one to one conversations being eventually handled by this automation.”

It is true that robots are not empathic and will not shed a tear over a customer’s problem. In fact, one of the problems that robot developers face is that it is unbelievably challenging to teach a robot to shake a human’s hand. The robots do not know when to stop squeezing – they usually squeeze until they destroy the hand. That, however, is a problem that has to be solved and will be solved.

The bottom line is that AI is growing and improving. Bots are becoming better at what they do.

Ms Hunik concluded, “When bots are utilized, and configured, in a user-friendly way, they can perhaps provide an even better experience than an actual person would, with faster response times and easily personalized content.”

Read this next

Digital Assets

Flock.io and io.net Unite to Pave the Way for Decentralized AI Development

In an effort to create a community-driven Flock.io platform for on-chain, decentralized AI models; the leaders have decided to join hands with io.net to power Flock with decentralized computing.

blockdag

Crypto 2025: The Action Points to Follow to Capitalize on Bitcoin and BlockDAG Network’s 2025 20000X ROI Predictions

In this analysis, we delve into the price predictions for Bitcoin and BlockDAG Network, and we explore the factors driving these projections while offering actionable insights for investors that are looking to capitalize on the 20000x potential of these projects.

Retail FX

Orfinex joins Financial Commission as approved broker member

Multi-asset brokerage firm Orfinex has become a member of the Financial Commission, joining the ranks of the self-regulatory organization. This accreditation reassures traders that the firm meets the quality standards set by the commission.

Fintech

Telegram CEO’s Bitcoin stash valued in hundreds of millions

Telegram CEO Pavel Durov revealed that he has held several hundred million dollars in fiat and bitcoin for the past decade.

Digital Assets

Bitcoin drops below $60K as halving just 300 blocks away

Bitcoin fell below the $60,000 mark on April 17, just days before a scheduled reduction in mining rewards, known as the “halving,” which is set to occur on April 20.

Chainwire

New Meme Coin ICO Dogeverse Raises $6 Million After Completing Coinsult Audit

A new multichain meme coin, Dogeverse, has raised $6 million in its presale and recently passed a smart contract audit.

The new meme coin leverages bridge technology, ensuring the token is available across the most prominent on-chain markets.

Retail FX

Interactive Brokers posts Q1 earnings, raises dividend

Interactive Brokers Group Inc (NASDAQ:IBKR) announced its first-quarter financial results for the period ending March 31, 2024. The leading automated global electronic broker reported a GAAP diluted EPS of $1.61 and an adjusted EPS of $1.64.

Fundamental Analysis, Tech and Fundamental

Global FX Market Summary: USD, FED, Gold  April 17 ,2024

The Fed’s hawkish stance on interest rates is strengthening the US dollar while central banks globally grapple with inflation and economic growth.

Digital Assets

Kraken launches self-custodial wallet, joining competitors like Coinbase

Kraken, the second-largest U.S.-based cryptocurrency exchange, has introduced its own digital wallet, aligning its offerings with those of competitors like Coinbase.

<