Will AI-Powered Banking replace Financial Advisors/Wealth Managers?

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"You can apply the same principles to a bank account as a driver-less car"

Here is an interesting article that talks about new uses for AI in consumer banking:

In Canada, millions of people are handing over control of their money.

Not to an expensive financial adviser or bank manager, but to the Royal Bank of Canada's artificial assistant NOMI, which moves money around and makes decisions when to save on their behalf.

Personetics is starting by letting banks build AIs which analyze customer data for unusual spending patterns, identify spare money which could be saved or upcoming subscription payments which might leave someone overdrawn.

Indeed there's a basic financial error that millions of us make every month, which AI could solve.

The Royal Bank of Canada's NOMI and HSBC's artha AI, both AI programs that help consumers make good spending decisions (and avoid bad ones), are just the start of autonomous banking. According to the article, we could soon expect to trust programs like these to make the "biggest financial decisions" of our lives, without the help of financial advisors.

Do you think programs like RBC's NOMI will eventually replace financial advisors/managers?

Would you trust a program to make financial decisions on your behalf?

Where do you draw the line?

Thoughts?

Source: Time

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May 22, 2018
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