Monex to harness AI capabilities for enhanced account management
Monex will tap the capabilities of an Optical Character Recognition system to allow its clients to submit account applications and information directly through the company website.
Japan’s online trading company Monex Inc, a subsidiary of Monex Group, Inc. (TYO:8698), is showing its increasing trust in new technologies by the launch of a new service harnessing the capabilities of artificial intelligence (AI). The broker announced today that it will start using AI technologies for certain procedures on the Account Management page on its website.
The company will use AI-powered Optical Character Recognition (OCR) system to process data from documents submitted by customers through the website. Previously, the customers had to send the documents via mail. Now the information can be submitted electronically, the data will be processed by the OCR system and the staff can simply verify the identity documents, if necessary. The OCR will be used for procedures such as account information update – name and/or address change.
This is not the first push by Monex into the AI world. Earlier this year, the broker announced the start of delivery of a new market analysis report based on the work of an AI program. To deliver the “Monex AI Report”, the broker has partnered with fintech company Good Moneyger, whose AI solution – VESTA, seeks to reduce chances of investment loss by examining market data and cycles and estimating chances of market crashes. The report rates the investment score of various asset classes based on a three-stages scale. There is also a “weather forecast” for the global market, with a map reflecting the business confidence in various regions.
Let’s also note the recent launch of Monex’s robo-adviser service where a customer can determine one’s own investment policy and easily manage his/her assets with a support of professional advice. Unlike discretionary investment, customers can make investment decisions on their own with analyzing the market and the global economy. More than 1,000 patterns of portfolio combinations are available to help customers manage their assets on their own policy.
Also, in late October, Monex Group unveiled plans to ride the new technology wave. Oki Matsumoto, Monex’s President & Chief Executive Officer, said:
“Right now, just as we did when we were first established, MONEX will not just ride the wave of new technologies like blockchain. We will incorporate and utilize these new technologies to take a leading role in triggering an evolution of the world’s capital markets”.
