RiXtrema, a New York-based technology firm specializing in artificial intelligence, launched an AI tool intended to serve the financial community more thoroughly than ChatGPT.
RemAI, which launched last week, is a tool along a similar vein to ChatGPT that can help users with financial questions. It can be used by a wide range of people including financial advisors, retail investors and institutional managers and can provide answers in minutes, the company says.
“It is really a tool [that] can do investment research in a completely different way,” said Daniel Satchkov, president and co-founder of RiXtrema. “The tool itself has access to hundreds and hundreds of financial APIs and it will pull in the appropriate data then write a report for you on the topic.”
Satchkov believes his tool is more tailor-made for the financial world than ChatGPT, which has spearheaded the AI innovations that have taken the stock market by storm this year.
“We believe that ChatGPT is very exciting but it’s completely useless for finance and we’re releasing very targeted private models that will allow our clients to get ahead,” he said. “RemAI is an additional tool that is actually much wider in terms of its target market/ It’s really a general finance tool, which is something I would say Chat GPT promised but did not fulfill that promise for finance.”
Satchkov said he does not see the tool as a replacement for an advisor, adding that he does not believe that AI in general can replace human beings.
“My philosophy is I don’t believe that Ai is intelligent … because the hallmark of intelligence is choice and creativity, which are not present with these machines,” he said. “They’re very powerful but they’re not intelligent [and] I don’t believe that they will ever replace financial advisors and they should not.”
However, he said he views RemAI as a valuable tool that will help revolutionize the industry and something advisors should take advantage of to stay ahead of their competition.
“It’s like the internet,” he said. “I believe that those advisors who work without such tools will very quickly fall behind.”
One of the complaints advisors have made over the years is the limited amount of time they have in front of clients. A main reason for that is they have to spend their time on other activities that keep them away from clients. RemAI can help with those time-consuming activities, he said.