Bot or Not? A guide for NZ financial services firms entering the Digital Advice age
Robots generally skew to the downside in popular culture: if not cast as patently evil, then dangerously incompetent.
But while fictional robo-dramas might serve as a risk-free arena for humans to indulge both their hopes and (mainly) fears of technological progress, off-stage the recent real advances in so-called ‘artificial intelligence’ (AI) has sparked a new round of angst about the future of work – a threat that this time extends to the once-immune upper echelons of the professional classes including financial advisers.
The rise of AI-enhanced ‘robo-advice’ – soon to be legal in New Zealand for the first time following an exemption issued by the Financial Markets Authority (FMA) – has certainly grabbed the imagination of headline-writers globally (who may themselves be mere algorithmic hacks in the machine).