Astor Capital Launches $45M AI Investment Initiative
Astor Capital Fund will invest in AI technology to better serve its high-net worth clients. And, there's a good reason.
SAN FRANCISCO - July 6, 2020 - PRLog -- Astor Capital Fund, in a pioneer move that follows a few other, large and progressive financial institutions, including J.P. Morgan Chase and Bank of America, has embraced the AI techno-transformation currently shaking some companies to the core. Well, that is, if the company execs aren't willing to advance and embrace the technology software necessary in order to compete.
Astor Capital Fund has often spoken about the need to serve very high-net worth individuals and how all their moves are predicated upon honoring the loyalty of such elite clientele. Today's move is surely no different.
AI is no longer the wave of the future – it's now. Likely, any financial institutions not willing to face some upheaval in terms of technology and the present way of doing things, will not survive. So, Thomas Mellon, CEO of the Astor Capital Fund, announced today, that the company is indeed in the throes of negotiations involving deep-rooted AI partnerships to be culminated by 2025. Said Mellon, "We are at an absolutely exciting precipice here. And, given the opportunity, and our recent tremendous wealth growth, we have the capability to make sweeping changes. That means investment in a wide selection of technologies, not only AI. We intend to do it. Of course, we will. Listen, we have the scale and opportunity to act now and our clients, who are extremely loyal, very high-net worth individuals, have high expectations, as well they should. It's not a leap – it's progress. We already employ amazing proprietary products and services including incredible reporting. This is just another move as part of an ongoing evolution. Who, what, when – all of that, is still as of now undecided.
Apparently, they have wasted no time though. There have been several closed-door meetings with some of the biggest AI companies in the United States. Pega is the frontrunner but the firm has revealed very little information. Silence is not surprising since the pledge to this massive restoration will cost more than $45 million which may irk some die-hard traditionalist investors.
You can't be a leader in any industry without engaging customers, clients, and employees in new and unexpected ways—and artificial intelligence is one of the most powerful tools companies are using to harness this enthusiasm.
In a recent article in Forbes, the piece alludes to the fact that AI is the future of banking. And, says the author, while it has some cons, the benefits in terms of security and machine learning, outweigh the negatives. It adds, "Customer service will remain an integral part of banking and other financial services for the foreseeable future, which is why machine learning in this area is vital. From chatbots and actual humanoid — Pepper, for instance — to process and call automation, many of the largest banks including JPMorgan Chase, Bank of America, CitiBank, PNC and U.S. Bank are focusing heavily in this area to improve customer service while simultaneously increasing revenue."
JPMorgan Chase and Bank of America were the first major banks to adapt new AI-powered virtual assistants, but says Oliver Hawthorne, Director of Marketing at Astor Capital, "We are paying attention. We never want to move impulsively at the expense of clients. But we will never be left behind either, when it comes to change, progress, competition, and of course wealth growth!"
Astor Capital Fund is dedicated to helping clients increase value by delivering top-notch ideas and solutions as well as liquidity that spans the entire gamut of financial products. With teams of experts, located in key credit market arenas throughout the world, advisors provide insights on a regional scale but from a global perspective. Our credit strategists and fundamental analysts provide our customers with top-quality advisement for trade as well as primary events that span the full spectrum of credit products. More at Astor Capital Fund.
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