Banks Are Planning to Entrust Your Money to Robots …Would You Let Them?

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Humans have evolved into beings that greatly rely on machines for their daily services and survival. Its no longer that far-fetched to envision an apocalyptic world caused by a Skynet-like artificial intelligence to wreak havoc on us all.

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A huge bank in the United States hopes to gain their customers’ trust regarding the security of their bank accounts. Bank of America will let robots manage customers’ accounts by utilizing algorithms. Customers can get investment advised based on the data without human intervention. The assistance will be done through smartphone apps and online consultations. The firm is planning to release an “automated investment prototype” next year to give financial aid to accounts less than $250 000.

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We don’t know if it’s good news or not, but more banking establishments are revealing inclinations in the same direction as Bank of America. Some of these are Morgan Stanley and Wells Fargo, exhibiting interest in implementing the same artificial intelligence prototypes in the future. They are certain that the younger generations would be less hesitant to leave their finances in the hands of analytical engines.

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This proves that “robo advising” is quickly becoming a growing business. Just a few years ago, the technology was obsolete. However, by next year, these new breed of advisers are expected to manage around $300 billion in assets.

 

 

Watch this video of the advancements that the robot technology has made.