Financial industry trends and news provider Yukka Labs has launched its News & Trend Lab service, as the company explores the benefits deep learning can offer.
Berlin-Headquartered Yukka has launched this new service, which uses natural learning language processing, machine learning, deep learning, and data mining, to help financial professionals access analysis of the European financial industry. The new service gives users with real-time financial and business news and analysis to support companies with their investments, as well as providing insights to market trends and trading volumes.
YUKKA Lab founder and CEO Andreas Pusch said, “It empowers users and enhances their abilities to understand the trends and trend changes in the market. Why is that so important? Market sentiments often shift – before the stock markets follow a few weeks later. To get to know these sentiments and connections between events, clients would have to read a massive amount of financial news.”
The platform uses sentiment scores and arithmetical financial models to generate an early warning system for trends and trend reversals within the stock market. It also has collaborations with publishers like dpa-AFX and analyses German and English language news to constantly evolve its data.
Machine learning technology has been one of the big areas of technology adopted by businesses and FinTechs over the past few years; however, Pusch believes there are challenges with implementing the technology.
“Working with Machine Learning and Deep Learning, something that is not yet fully discovered or developed, means there is always a learning curve. I mean, Artificial Intelligence and machine learning sound great and have become industry buzzwords, but reality is that those technologies are still constantly evolving. We understand this dynamic and constantly cater to it by reviewing and enhancing our product.”
One of the trends within the data and analytics Pusch has noticed is a deeper exploration of the problems deep learning solutions can solve, especially the implementation of natural language processing. Another trend Yukka has seen is determining the best way to visualise massive amounts of insights gained from data.
The company is looking to launch more services in the future to further help its clients. He said, “[Yukka Labs is] working so closely with our clients makes us aware of the many challenges they face in their daily work and possible solutions we could provide – for example lead generation support for banks or a dedicated tool for risk and sales managers.”
The company is also looking to expand its presence outside of Europe, with Pusch being particularly interested in the Asian market. He added, “We are looking to expand to Asia. Probably not right away this year, but the financial industry in Asia is a very interesting one to us due to their attitude towards and usage of data – so a potentially big opportunity for us.”
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