Image Credit: OCBC Securities
OCBC Securities has launched Singapore’s first AI-powered stock picker tool to predict stock price movements and generate personalised stock ideas.
The tool named AI Oscar (OCBC Securities’ customer artificial intelligence radar), is a free service for all its customers.
It is available via the iOCBC app, iOCBC online trading platform, and email.
According to the company, the aim is to triple the base of active Singapore young investors.
Using deep learning algorithms, it identifies and predicts market patterns to develop an understanding of an investor’s trading patterns.
It analyses factors including the individual’s risk appetite, past trading activity, and demographic information to curate and produce a list of 15 personalised stocks every week from exchanges in Singapore, Hong Kong, and the United States.
This personalisation allows investors to filter stocks that are likely to meet trading preferences and criteria and to immediately act on the idea by making a trade, the company said.
OCBC Securities’ managing director, Wilson He, said investors have access to a wide range of information, but the challenge lies in being able to find the information relevant to investors and to distill it into an actionable trading idea.
“AI Oscar addresses this need, and we expect it to become an indispensable tool, especially for digitally savvy young investors who prefer the self-service model,” He added.
Its coverage has been extended beyond Singapore-listed stocks following the successful six-month pilot from October 2023 to April 2024.
Trained with data from over 4,000 stocks
AI Oscar has been trained with data from over 4,000 stocks listed on SGX, Hong Kong Exchange, NASDAQ, New York Stock Exchange, and NYSE American.
The data includes over a decade of stock fundamentals, macroeconomic factors, market patterns, and technical indicators related to these stocks.
According to the brokerage firm, this data set is updated daily to ensure that AI Oscar is always current.
OCBC’s data scientists and OCBC Securities’ trading strategists explore the latest AI modelling techniques to improve prediction accuracy and comprehension of the market, it added.
In a joint effort from OCBC’s Group Data Office and OCBC Securities’ trading strategists, the AI tool uses neural networks – a deep learning algorithm.
Unlike rule-based models that make decisions based on a set of pre-determined criteria, it identifies patterns in data to make flexible predictions.
Earlier, it launched OCBC Wingman – an AI bot to help developers write code by suggesting subsequent lines based on input.
OCBC Wingman also contributed to creating AI Oscar.