Brace For Layoffs: ING's New AI Model "Definitely" Outperforming Humans In Pricing Currencies

ING's new AI model, which uses reinforcement learning, is outperforming humans in pricing currencies and managing market volatility. The model has been so successful that it has freed up a full-time job, and its performance has exceeded expectations. Banks are racing to deploy advanced technology in the $7.5 trillion-a-day global currency market to cut costs and stay competitive. ING recently hired a machine learning expert to develop additional AI solutions. Despite concerns about accountability and oversight, ING's model approval process has been smooth so far. The role of traders is evolving as AI becomes more prominent, but complete automation remains uncertain. Traders will still be responsible for monitoring and halting any AI malfunctions. The new AI-based algorithm has vast applications across financial markets. Banks are focusing on AI to streamline operations and reduce the need for human traders. The speed of change within the FX landscape makes accurately measuring and reacting to these changes with traditional algorithmic models challenging.