TD Ameritrade’s AI-powered chatbot increases Asian footprint, reaches Singapore
TD Ameritrade’s chatbot for Messenger will give local retail investors one more way to access the US equity markets and their investments.
As the Asian push of TD Ameritrade Holding Corp. (NASDAQ:AMTD) gains momentum, the company has announced the launch of an AI-powered chatbot for Facebook Messenger for Singaporean investors.
TD Ameritrade Singapore Pte. Ltd. is bringing US financial market updates, investor education, research and trading to its retail investors in Singapore through Facebook Messenger. The solution, powered by artificial intelligence (AI) technology and backed by live client service support – will give local retail investors one more way to access the US equity markets and their investments.
Sunayna Tuteja, head of strategic partnerships and emerging technologies at TD Ameritrade, says: “Investors in Singapore are active and engaged and have a particular affinity for Messenger, so we’re excited to bring trading and the best of TD Ameritrade education, knowledge and experiences to them through this channel.”
Through the Messenger app, Singapore investors can also:
- Get updates on U.S. markets, indices and sectors.
- Get a quote, track company events.
- Learn about investing with educational videos and get answers to frequently asked questions.
- Check account balances, positions, order status and place trades.
- Chat with an automated agent or a live human agent any time.
Let’s note that TD Ameritrade’s chatbot for Messenger is augmented by human support, making it a true hybrid experience. When appropriate or necessary, client support specialists can intervene in multiple ways, including interacting directly with the client.
“We’ve seen solid growth in trading in the Singapore market as a result of our client’s high engagement rate. In fact, our Asia-based clients are eight times more active than our U.S. clients, placing a third of their trades through mobile,” said JB Mackenzie, managing director of TD Ameritrade Asia.
The announcement comes on the heels of the launch of an AI-powered chatbot for WeChat targeting Hong Kong investors. Through the innovative solution, retail investors in Hong Kong are now able to do their research, access market information, and get support through one of the most popular social and messaging platforms in Asia.
The release happens amid mixed reactions regarding chatbots in Hong Kong. Whereas banks in Hong Kong welcome new AI-based technologies, small and medium-sized brokerages are not so warn to chatbots, a survey conducted earlier this year by the Hong Kong Securities Association has shown.
Many small and medium-sized brokerages, which account for the bulk of Hong Kong’s licensed securities dealers, have no plans of using the technology, the survey shows. Of the 300 brokerages surveyed in January and February, 81% said they did not intend to deploy a chatbot, while 8% said they use one.