UIC, BWL discuss latest trends in AI for investments
By Majd Othman
KUWAIT: Bright World Labs (BWL), in cooperation with Union of Investment Companies (UIC), held a workshop for UIC group team members on Thursday titled “AI for Investments”, in the presence of UIC Secretary General Fadwa Darweesh and BWL President Dr Scott Pezanowski.
Dr Scott Pezanowski and Fadwa Darweesh are seen during the workshop.
The workshop, which discussed the best ways to benefit from using artificial intelligence in the investment sector, also explained the great potentials AI provides to boost accuracy and efficiency in collecting the required data to choose the best real estate.
Dr Pezanowski told Kuwait Times about the importance of this technology. “AI has a lot of potential in investment, whether in portfolio optimization, stock market prediction and real estate property evaluation, in addition to the great tools that helps to know more about people’s feedback, about stocks for example, or to analyze large amount of data to make better decisions about our money,” he said. He pointed out AI prevents people from being biased and helps them make a fact-based decision about investing their money and collecting data, adding sometimes people need to risk their money to make more money.
Regarding concerns about the replacement of human employees with AI, Pezanowski said AI is not going to take people’s jobs, but “somebody who knows about AI is going to take their job”. He quoted from an expert, explaining that is it very important for employees and companies to start using AI, else they would be left behind. Darweesh said in her speech that investment companies are increasingly utilizing AI techniques and technologies to enhance their decision-making process and improve portfolio performance.
Dr Scott Pezanowski speaking to the audience.
She said AI has shown a key advantage in the investment field, which is the ability to analyze vast amounts of data quickly and accurately, in addition to shifting between large volumes of financial data, news articles, social media posts and other sources to identify patterns and trends that may impact investment decisions. She added AI can help investment companies to enhance decision making, improve risk management and optimize portfolios, which can help the companies gain a competitive edge in the market and deliver better outcomes for their clients.
Despite Darweesh stressing on the importance of human expertise in investment decisions which cannot be a replaced by AI, she told Kuwait Times that in some careers, AI can help companies a lot to save time and overhaul the old ways in collecting data and evaluating risks and profits. In addition, it can reduce the company’s expenses.
Darweesh pointed out that AI will result a complete shift in careers globally, as new careers will emerge in place of jobs that have lost their relevance. The workshop also discussed the importance of AI in the investment sector, where speakers viewed examples of AI in finance and investing, different types of machine learning with examples, consulting and training in finance and investing and incorporating AI in personal businesses.
