by Fintech News Singapore
June 18, 2024
OCBC Securities has introduced and AI stock picker tool named A.I. Oscar to significantly increase its active young investor base. This tool is touted to be the first of its kind in Singapore.
OCBC’s AI stock picker, which predicts stock price movements and generates personalised stock ideas, saw a 50% increase in trading activity among young investors during its pilot phase from October 2023 to April 2024.
Its coverage has now expanded to the Hong Kong and United States markets following this successful pilot, which initially shortlisted only Singapore stocks.
A.I. Oscar, now available to OCBC Securities customers for free through the iOCBC app and online trading platform, and email, uses deep learning algorithms to analyse individual trading patterns, risk appetite, and demographic information.
OCBC’s AI stock picker provides a weekly list of 15 personalised stock recommendations from the above-mentioned markets.
During the pilot, 97% of trades by investors under 35 were executed via digital platforms without broker assistance.
This demographic also accounted for over half of all new trading accounts in 2023.
OCBC Securities plans to triple its active young investor base in the next three years by leveraging A.I. Oscar.
Developed in collaboration with OCBC’s Group Data Office, A.I. Oscar was trained on data from over 4,000 stocks across major exchanges, incorporating more than a decade’s worth of stock fundamentals, macroeconomic factors, and technical indicators. The tool is continuously updated to ensure accuracy and relevance.
A.I. Oscar aligns with OCBC’s strategy to accelerate digital transformation and innovation, following previous AI initiatives such as OCBC Wingman, a bot aiding in-house developers.
Wilson He
Wilson He, Managing Director of OCBC Securities, commenting on the launch of OCBC’s AI stock picker said,
“Investors already have access to a wide range information, but the challenge lies in being able to find the information relevant to them, and to distil it into an actionable trading idea.
Being able to do so quickly is especially important in today’s fast-paced world. A.I. 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.”
Get the hottest Fintech Singapore News once a month in your Inbox