425: The Data Science Startup Removing Inefficiencies For Traders
Kumesh Aroomoogan is the co-founder and CEO of Accern, a fast-growing, New York-based technology startup whose mission is to provide actionable stories about U.S. public companies from news, blog, and social media websites so users can make quicker and more informed decisions in either their investment or public relations strategies.
Although analysts and traders are flooded with information on stocks, funds and market volatility, it becomes difficult to read through the noise to discern which news and rumors are reliable or actionable. An oversaturation of irrelevant news across multiple platforms cost hours sifting through content that doesn’t lead to higher returns on trades. Most traders are working with simple and outdated news filters that aren’t complex enough for big data. Most data analytics don’t have sophisticated AI-algorithms to cancel out noise that isn’t impactful.
Accern increases trader’s earning potential roughly 90% over extended use while saving thousands of man-hours sorting through news data. Accern consolidates existing news subscriptions feeds from news sites, blogs, social networks into a centralized news platform to curate the most relevant financial content. Accern works with firms and users to understand their interests to build a custom news channel for them.
Having cut his teeth as a trader at Citigroup, Kumesh saw firsthand the inefficiencies that traders face daily without forward-thinking technology. Between switching from three screens fixated on Bloomberg Terminal, Dow Jones and Thompson Reuters and still missing key stories, Kumesh realized there was a better way for traders to receive actionable news alerts. His mission to provide a competent media analytics platform for the financial services industry was born out of those frustrations he encountered firsthand.
I invited Kumesh onto the show to share his story about how he saw a problem and was inspired to create a solution.