XTB recruits a robotics expert to run its new AI division

XTB wants to focus more on developing artificial intelligence (AI) solutions for the retail trading sector. The broker has launched a new department dedicated to AI and hired Tom Gawron as its head. The company says artificial intelligence will allow it to democratize access to data and personalize user experiences.

The new department is a division within the existing Technology & Product department and will focus on the "responsible adoption" of artificial intelligence solutions within the company's business operations and its trading platforms.

Adam Dubiel, Chief Product & Technology Officer at XTB, revealed that AI solutions within the broker must serve all operations and departments of the company. Not only focusing on efficiency and data analysis, but also on supporting, welcoming customers and increasing employee productivity.

As a fintech company with a global customer base, we strive to be at the forefront of our industry amid the disruption of AI and machine learning, Dubiel says.

As part of the newly created AI department, the company wants to develop new technologies and focus on their testing and validation. The XTB AI team will also follow the latest trends in artificial intelligence and ensure that employees' fintech AI knowledge and skills are up to date.

For XTB, the development of technological departments is not new. Some time ago, the company informed us that more than 39% of its team was made up of programmers and technical staff.

Experienced programmer heads XTB's AI division
Along with the announcement of the launch of a new department, XTB also announced the hiring of Tom Gawron, an experienced robotics programmer and author of research on mobile robotics, as head of the division.

We plan to use AI to democratize access to data and personalize user experiences, Gawron said.

Previously, Mr. Gawron was not associated with the financial sector, but for the last two years he worked at creative consultancy agency Wunderman Thompson Commerce & Technology, where he was responsible for the development of the AI and robotics department.

We are moving towards a world where a personalized, interactive report is generated from fresh data every time you ask for it. Imagine your personal assistant helping you distill ideas from the information available on our investment platform, adds Mr. Gawron.

Investors will certainly be interested to know whether the new division will affect the ability to create additional revenue. According to the third quarter results, these fell by 28% to PLN 121 million due to lower market volatility. However, XTB is trying to protect itself by introducing new products. Since November, the company has been offering its customers up to 5% interest on unused deposits. In October, it also expanded access to fractional shares.

XTB wants to create new products based on AI
Although the head of the AI department admits that artificial intelligence technology carries certain risks and customers will initially prefer its indirect application in XTB's operations, it will eventually lead to the implementation of new products.

Early applications of AI will be more linked to internal workflows. Initially, the end user will experience the results of these AI applications indirectly, for example by benefiting from more personalized news coverage and better quality on the platform, explains Mr. Gawron.

The next step for XTB is prototyping and testing new products. The company hasn't revealed details about what kind of products these might be, but it admits that thanks to artificial intelligence, solutions that would have been impossible just a few years ago can be created.

"It's important to note that while AI is a hot topic, what customers want is a great product. AI can help with this, but adding AI everywhere without ensuring that it improves the experience is a dead end", summarizes the head of the XTB AI department.

About XTB

XTB Group is a leading provider of crypto CFDs alongside 2,100 forex, stock, index, commodity and ETF CFDs. The multi-regulated broker holds licenses with several trusted agencies, including the UK's Financial Conduct Authority (FCA) and the Cyprus Securities & Exchange Commission (CySEC).

Clients can invest and speculate with up to 1:30 leverage and can use the broker's mobile trading alert service to gain market insight. XTB offers two real accounts, aimed at retail traders and professional investors.