Shishir Del Rio Blog | The Usage Of Artificial Intelligence and Big Data in Relation to Robo-Advisory | Talkmarkets

Shishir Del Rio

I want to develop mindset of online writing and polish my skills and knowledge.

The Usage Of Artificial Intelligence and Big Data in Relation to Robo-Advisory

Date: Tuesday, July 24, 2018 11:46 AM EDT

Robo-Advisors are among the first people to experience changes as a result of Artificial Intelligence (AI). Over the last two decades, there have been numerous changes which have ended up affecting Financial Companies. The changes include how the firms conduct business and maintain their relationship with clients. As such, we should adapt to changes and embrace it. We prospect that in the near future, changes will continue to take place but there will be machines to control nearly everything. We must admit that nowadays most things are automated.

Therefore, the best we can do is to embrace changes and learn to apply Al in solving issues. For instance, when we do not do business without relying on Al, we can either incur losses or make profits. So, customers or clients will make profits, while the financial companies or advisors will make losses.

The whole idea revolves around the way we embrace and respond to changes; if we embrace and respond to change appropriately, we will make profits, but if we fail to embrace changes and respond to them, we will make losses. As a matter of fact, learning abilities of machines is increasing enormously with the application of Big Data, Natural languages, as well as machine learning.

We all know that Big Data improves the client's experience but we have never learned they are applicable in nature. Usually, machines learn about user's needs and respond to them through algorithms. In most cases, the user's needs are determined before they are responded to.

In this case, Big Data has been analyzed to produce information before its processed for further actions. Therefore, computers can react to a situation after recognizing a human. Machines will make use of algorithms to learn and respond to situations while some will be automated.

According to the recent surveys by Price water house Cooper, twenty-six percent of assets and wealth management companies rely on Artificial Intelligence to make suitable verdicts as a result of changes.

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