ING Utilizes AI for Currency Pricing to Enhance Market Competitiveness

According to PANews, ING has begun employing artificial intelligence (AI) for currency pricing, asserting that AI's pricing capabilities surpass those of humans. Simon Bevan, ING's Global Head of Electronic Trading, highlighted in an interview that this new AI model uses 'reinforcement learning' technology, which mimics the human trial-and-error process to make pricing decisions that adapt to market fluctuations. Previously, this task, crucial yet time-consuming for the London trading team, is now managed by AI. This initiative is part of ING's strategy to develop cutting-edge technology to reduce operational costs and maintain competitiveness in the global currency market, which sees a daily trading volume of $7.5 trillion. Looking ahead, ING plans to further enhance AI efficiency and reduce reliance on human traders.