One of the major applications of AI and its usage in a mass customer benefit is Robo’s advisor. The application is with a financial advisor in many financial or investment management plans with digital financial advice, based on mathematical rules or algorithms. The algorithms are programmed by data scientists with less or moderate intervention by humans. The package is available in a software platform and designed in a customer-oriented manner.
As per a survey conducted in the Retail banking sector in Germany in 2016, shows only 4% have tried to use Robo’s Advice and will gladly use it again in the future whereas 35% of them are not so keen to such technologies and neither shows the interest to use it in the future.
The reasons for the negative attitude have not been answered. Are they not happy with such technologies, or do they find it hard to comprehend the process? Is the Robo’s advice monotonous and doesn’t provide an adequate solution?
An era of autonomous or Robot axis is hard to digest the result shown in the case of Robo’s advice.
In the next survey, how much agency funds are allocated for Robo Advisors as per country across the world in 2017 are shown. The results show USA and Germany leading the game, however the gap of funds invested by the USA and Germany is quite high.
In 2020, a survey was conducted for advice on retail banking and the result shows whether it should be increased strongly and in what percentage in different area?
In my opinion, the journey with customer and the interaction with client, definitely shows the acceptance and a positive approach toward such algorithm and adequate genuine information is resulting into providing the correct advice within minutes of your time frame, shows the save of your investment in your time and the journey is fulfilling.
Source:- Statista (Robo-Advice)