How Zeed AI is making AI-powered investment advice accessible to all
Back in February, I wrote an article on the AI trends showcased at Finovate Europe. Now, 3 months later, I decided to check in on one of the Best in Show winners, Zeed AI, to see how their position has developed. A start-up embedded in the current AI revolution, they’ve seen swift progress and were welcomed into Lloyds Banking Group’s Launch Innovation program on Tuesday this week. I sat down with co-founder Rohan Regmi to find out more.
Zeed's Mission is to address the critical "advice gap" for consumers by delivering contextual, personalised financial insights. Research from multiple sources suggests young adults are investing at an earlier age than the previous generation12. This is led by a range of factors, primarily easy access to investment apps and wider access to financial information. Much of this is also a byproduct of the rise of cryptocurrencies. Research from Deloitte showed a quarter of British under-25s get their financial advice from TikTok3, basing investment decisions on recommendations from content creators. As a result, the Financial Conduct Authority (FCA) has clamped down on ‘finfluencers’ peddling misinformation such as a ban on ‘refer a friend’ promotions by crypto firms.
Based on this information, it’s clear to see where Zeed fits in. Co-founder’s Rohan and Salman created an app that combines video content and AI insights with direct integration into trading apps such as Robinhood and Trading 212. To achieve their mission, Zeed leverages advanced AI technology to provide unique, tailored financial insights for each user and financial asset, creating highly personalised content.
A key example of this personalised approach is through AI Stories, a GenAI-powered video insights feature, which brings financial information to life with real-time data and short-form animations. Covering stocks and funds, it helps users understand the markets faster and make informed decisions. This technology is also set to expand to other financial products.
Employment of AI-powered investments in the current landscape
All of this is happening against the backdrop of massive developments in the practical use of GenAI within investment services. Just this week, JPMorgan announced they would be giving AI training to all new hires, with CEO Jamie Dimon likening AI to the advent of the printing press. JPMorgan have currently found over 400 use cases across areas such as risk, fraud and marketing. A notable example is their IndexGPT investing tool which uses OpenAI’s GPT-4 model to identify keywords for a given sector and scans news articles to identify companies in that area. This then helps select potential investments based on trends, especially in companies that aren’t immediately obvious, cutting out hours of work for employees.
"In the future, we envision GenAI helping us reimagine entire business workflows" — Jamie Dimon, CEO JPMorgan Chase
JPMorgan ranks 1st in the Evident AI Index, employing a startling 11.5% of all existing AI talent within the banking industry, but other investment banks are also making huge strides and emphasising their commitment to AI research. The below quote from Larry Fink shows the vast amount of value large firms are already getting from leveraging AI:
“We continue to be investing in AI, our most recent experience of having $2.5 trillion more assets with the same head count is a real good indication of how we are trying to drive more efficiencies, more productivity. I think this is critical.” — BlackRock CEO Larry Fink
Zeed AI democratising financial advice
To me, what’s interesting about Zeed is that they are allowing the general public to capitalise on this emerging technology. Two examples of this include:
Portfolio Insights
Already having mentioned AI generated stories, this feature further enhances the user experience. Zeed's Portfolio Insights functionality allows users to track their portfolio performance against benchmarks, understand their exposure to different sectors and geographies, and analyse what factors are driving their portfolio’s performance over time.
AI-generated podcasts
Complementing this is Zeed's recently launched Exposed Earnings feature, the first-ever AI-generated podcasts that break down company earnings calls, providing essential insights in an easy-to-digest format.
Where Zeed AI is heading next
The company’s journey began in 2021, a year before ChatGPT launched and kick-started the exponential trajectory of AI we’ve witnessed over the past year (just look at Nvidia stock to see this visually). The journey ahead seems ripe with possibilities and inevitable challenges. A conversation with founder Rohan gave me some insight into how Zeed are preparing to navigate this future. In their current pipeline lies a particularly interesting feature:
AI financial advisor: Interactive Assistance with Reggie
To make financial guidance even more accessible, Zeed are currently working on Reggie, their AI assistant, who users can call to ask financial questions to receive instant, accurate answers. It's like having a financial advisor on speed dial.
During our chat, Rohan mentioned that their main focus is developing their AI technology and their induction into Lloyds’ Launch Innovation program provides more resources to propel even further. The point of the partnership is to enhance the bank’s own capabilities and eventually provide better service for their customers. The combination of Zeed’s current and future offerings means that their technology can significantly enhance user engagement. Integration of such software into existing areas, such as retail banking apps, is a core concept of FinTech 2.0.
For potential partners, this would lead to better delivery of financial education, a higher likelihood of satisfied purchases, more time spent on the app, and better retention; all envious goals in this age of intense market competition between an ever-increasing number of FinTechs. Ultimately, I can see users feeling more confident and empowered in their investment and financial decisions, thanks to the comprehensive and personalised financial education tools provided.
The applications outside of the current mobile app are abundant. Some challenges do remain, namely the urgent need to maintain a certain speed of innovation and progress. Identifying and pursuing the correct use cases is also critical. Personally, I can see this working in many different verticals of financial services, from retail banks adding value through direct integration into their online banks to fully fledged AI investment providers. Rohan says they are earnest in their approach and I’m looking forward to seeing the different use cases going forward.
https://www.lloydsbankinggroup.com/media/press-releases/2024/lloyds-bank-2024/gen-z-investing-for-a-head-start-on-financial-life-goals.html
https://finance.yahoo.com/news/gen-z-investing-younger-past-111303339.html?guccounter=1
https://www.cityam.com/young-people-turn-to-tiktok-for-financial-advice-as-fca-weeds-out-bad-actors/