Openbank Offers Clients Free AI Stock Price Prediction Tool
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Spanish online bank Openbank is offering clients free access to an AI tool that provides stock price targets for the Stoxx Europe 600 and S&P 500 indexes.
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The tool analyzes over 2,000 variables daily to generate its predictions and has achieved an average 56% success rate across 1, 3, 6, and 12-month price targets in internal testing.
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Openbank has previously launched robo-advisor products and sees AI tools as facilitating the investing process for clients.
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The application of AI in investing remains a work in progress, with some AI-powered ETFs missing last year's rally by deeming stocks like Meta too expensive.
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However, some research has shown AI models like ChatGPT can predict stock moves more precisely than traditional models.