The recent presentation by Sundar Pichai about Google Duplex made the world stand up and take notice. It marked the arrival of robo-assistants that understood the nuances of human conversation. The interaction mimicked the intonation and rhythm of a conversation. The presentation saw Google Duplex successfully making a restaurant reservation without even the business owner suspecting that it was a robot at the other end. A seamless customer interaction without a human hand was in action.
Artificial intelligence has made rapid inroads into our daily lives. The emergence of smart home assistants like Amazon Alexa, Google Echo and others has seen the public warming up to the idea of robotic helpers and advisors. But AI has gone beyond the mundane tasks. Nuanced interactive intelligence are making an impact in the investment world. Robo-advisors are taking up the roles of portfolio advisors, insurance agents, wealth managers and more.
What’s in it for bankers and customers?
With robo-advisors, organizations are moving up the digital ladder with accessible connects. The geographic and time boundaries are blurred with competent advisors at your fingertips. AI powered advisors are highly interactive and will provide accurate and factual information at all times. Robo-advisors are also inherently bias free and do not discriminate between small or big investors. Every customer is treated with equal respect and provided the standardized care.
AI interactive platforms are highly efficient with 24/7 availability. Human frailties like annoyance over repeated queries, hidden agendas, factual cover-ups do not come into the picture. The best part — the vocabulary is free of financial jargons and legalese that confuse many customers. Even if there are some, customers can easily ask the clarifying question and clear their doubts immediately.
Another big win for bankers are the immense cost savings. The cloud delivered platform can be accessed through a subscription fee reducing the total cost of ownership. Several companies are looking to scale down their call centres to save on labour costs and infrastructure costs. Data driven AI is fully capable of providing personalized investment consultancies based on historical information and un-structured data sourced from social media. All these amount to cost savings that shore up the bottom line in the long run.