Its humans vs robots. You must have read how automation and robotics are accused of stealing jobs. Actually, automation is making jobs easier. Robots work hand in hand with men in car manufacturing plants. This leads to an increase in production and cuts down the mistakes.
In future, many of the jobs you are currently doing will disappear, only to be taken over by different kinds of jobs. Robotics, Artificial Intelligence, Data Analytics and Internet of Things (IoT) will lead the way in this change.
What is artificial intelligence? Artificial Intelligence (AI) focuses on the creation of intelligent machine systems that can work and react just like humans. Banks, insurers and pretty much the entire financial services sector is turning to artificial intelligence, to offer you and other customers, customized financial products and services which match your needs.
Artificial intelligence will soon change the way, the financial services sector works in India.
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So why are big banks and insurers adopting digital solution providers? A robot doesn't get tired and can work 24/7. It can easily replace 5-9 employees and doesn't ask for salary hikes and leave. And what about customers? AI systems used in the financial sector, study your behavioral characteristics, your/user habits and analyze them.
With sound analysis, AI systems match your financial needs with financial products that suit you. Your financial needs are unique and AI systems offer customized financial products and services, to match current and evolving needs.
1. Robo-advisors offer personalized financial services
Robo-advisors are a class of financial advisers that provide financial advice or investment management services online, with almost no human intervention. The Robo-advisor asks you about yourself, the amount you can invest, your risk tolerance (whether you are willing to accept risk or are risk-averse), the amount you can invest and so on.
Robo-advisors automatically select investments and build a diversified portfolio to match your needs. The Robo-advisor invests your money in the recommended portfolio under your name, giving you full control.
It is popularly believed that if you don't have much money or too many assets, you must adopt Robo-advisory services which are cheap. You must opt for robo-advisory services only if you have a thorough knowledge of financial products and understand different risks involved in investing.
A financial advisor can still beat a robo-advisor. The robo-advisor asks you a single set of questions and cannot accurately judge the risk you are willing to bear. This can be disastrous if you are new to investing or don't have knowledge on financial products. A financial advisor can persuade you or push you to start investing and saving. The robo-advisor is no match here and that's why you still need a financial advisor.
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ICICI Bank is the pioneer of voice recognition services in India as they say. With this service, you and other customers are authenticated based on speech patterns. Gone are the days in which you had to enter card numbers, PIN and answer security questions to authenticate yourself.
Your voice is now the password for banking transactions. Banks store your unique voice print with your account and match it whenever you call from the registered mobile number.
Voice recognition services can track your voice modulation, speed, accent and pronunciation, which are almost impossible to imitate, protecting you from fraud.
A Chatbot is a computer software program that can communicate with you, using artificial intelligence (AI). A Chatbot uses machine learning, which is a branch of AI, that gives the chatbot, self-learning abilities. Some banks in India use chatbots. These chatbots are available on banking apps and also social media apps like FB messenger and WhatsApp.
A Chatbot popularly called Bot, is an interface between you and the financial services firm. It's just like a 'live chat' with no human being. It offers a real-time response to your queries.
AI is a powerful tool in the fight against financial fraud. AI enabled tools can monitor your online behavior while transacting financially, and warn you on fraud attempts. They can also collect evidence if your bank accounts have been hacked and aid in the fight against financial fraud. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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