If you have not remained deaf to all the noises on recent hype and buzz on robotics you might have known already that robots are increasingly competing for human abilities in respect of intelligence and understanding. Robots are increasingly finding their way in the world of web and many areas of daily life. Only this year we have seen a robot equipped with artificial intelligence to win a tournament of poker game. Sounds ridiculous and out of the world? Prepare yourself to come across more such news.
You have already watched a car being auto-piloted without a driver, right? You are already asking the digital assistant of your phone to perform certain actions. So, robots with enhanced machine capabilities and intelligence are already there. What would happen if in the near future an advanced robot helps you to calculate taxes and plan your finances to meet your goals? Yes, with AI powered robots already in place, that day is not very far. This is precisely why robotic advisors can be the next big leap for robotics to help people in financial and tax planning.
Most experts in the financial industry agree on one point. They say that while the algorithms of financial analysis are the same for both robotic advisors and human ones. But when it comes to precision and speed, robotic advisors prove to be better. On the other hand, robo advisors can work against a lower fee and being machines they are more transparent. Most important of all, robo advisors also allow easy access to people seeking advisory services.
Experts and industry analysts already know the strength of robo advisors just because machines presumably will be least biased while maintaining higher precision and speed. But what the consumers think about them? Do they consider them a more valuable option to seek advisory service when compared to human advisors?
As of now, the reaction of the consumers is very positive on account of using robo advisors. A recent survey came with the conclusion that around 50% of consumers of financial products are considering to decide over some parts of their asset portfolio with the help of robo advisors. Another 73% of investors in the same survey were of opinion that automated investing platform is quite satisfactory to their expectation and needs.
For many investors taking help of machine analytics and using automated platforms is not something entirely new. There was already an array of online tools to make investment decisions easier. A large portion of high net worth individuals were frequent users of such tools and analytics while taking guidance about their financial planning and investment decisions. So, this was far from a new phenomenon for many investors.
But in the present circumstances, such automated tools only prospered and continuing to be advanced to make financial planning more precision driven and fast paced. Many wealth management companies are coming up with their own AI powered tools and systems to simply tax management and boost data driven investment decisions. In overall measure the robotic advisors and other AI powered tools are all set to grow and become driving force for financial decisions of consumers in the time to come.