German broker Scalable opens investment platform to major AI chatbots

(Refiles to add dropped word "intelligence" in first paragraph)

By Tom Sims

FRANKFURT, Aug 25 (Reuters) - The German broker Scalable Capital on Tuesday said its account holders could now use major artificial intelligence platforms like ChatGPT and Claude to conduct trades and analyze their portfolios.

The new service, which Scalable said was a first for a European bank, comes in addition to the app and website as ways to access customer accounts and includes a number of security measures.

Scalable founder and Co-CEO Erik Podzuweit said the service is a "first step" ahead of the mass adoption of AI for its customers that is likely to occur after it provides the capability directly within its own app.

"A lot of people might still be hesitant to let ChatGPT look at their portfolio, manage their portfolio. So I think that it's a first step," he told Reuters.

He also said his hypothesis is that usage of AI will on average result in better returns but that it remains to be seen.

Scalable, founded in 2014, has more than 1 million clients with more than €60 billion in assets. It is primarily used in Germany and Austria but also operates in Italy, Spain, France and the Netherlands.

New financial firms like Scalable have further increased competition in an already crowded German banking landscape, offering retail investors an easier and cheaper path to investments than at many traditional lenders.

(Reporting by Tom SimsEditing by Linda Pasquini)