Robinhood is launching a tool for investors, which analyses breaking news, analyst reports and Robinhood’s proprietary data to summarise why a stock is moving.
The tool is the first UK product launched by Robinhood Cortex, Robinhood’s investment assistant, which it launched in the US earlier this year.
The tool, powered by Cortex, produces summaries or digests as Robinhood calls them of why a particular stock is moving in the market.
The launch of the tool also marks the latest in a string of products that Robinhood, famed for bringing commission-free trading to the market, has imported from the US to the UK.
It comes as financial startups look to build up their AI offerings, either by leveraging foundational models like ChatGPT to create products or build tools on top of in-house data sets, like Robinhood.
Robinhood says the tool leverages AI. Its data set includes news providers, research reports, real-time market data, analyst ratings, and technical indicators, to aggregated Robinhood customer trading data.
According to Robinhood: “Digest delivers AI-powered summaries decoding what’s driving stock price movements - helping investors to make informed decisions with clarity and confidence.”
The summaries are designed to be used as an additional research tool for traders before they execute a trade, says Robinhood.
Jordan Sinclair, president at Robinhood UK, said: “We believe our UK customers —from first-time investors to seasoned traders—will appreciate the timely, accessible summaries that highlight what’s moving a stock, circumventing the need to manually gather information from multiple sources.”
Sinclair said the summaries help bridge the gap for traders who might have heard about a stock but don’t know why its price is moving. He said it was quicker for traders to use the summaries than alternative options.
He said: “If they went to ChatGPT it would probably take them six different prompts to eventually get there. They still probably wouldn’t be quite sure what it meant for them.”
He said: “We do make sure we have the right controls, the right guard rails.”
Asked if Robinhood was late to the party with Cortex Digests, Sinclair said: “I don’t see us being late, I would rather deliver a great product for customers.”
Cortex Digests, which will be free to UK users, began rolling out first in the US, and have already been used by hundreds of thousands of Robinhood customers, Robinhood said.
Would you like to write the first comment?
Login to post comments