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Long before OpenAI introduced the world to ChatGPT’s powerful artificial intelligence (AI) model, rudimentary automation were deeply rooted in the financial world.
In 1978, for instance, award-winning mathematician James Simons founded Renaissance Technologies, a quantitative hedge fund, by leveraging data to analyze statistical probabilities for securities price trends. The firm’s signature Medallion fund was established in 1988 and would enjoy the best record in investing history.
Shortly after Simons introduced quantitative investing, expert systems became the norm within the banking and financial industry to mitigate human error risks. Eventually, they were used to formulate financial plans for individuals with…
