As the future of cars is electrical, but today’s cars are too expensive for the majority, so banking will be ruled by artificial intelligences one day, but for now people opt for the hybrid approach: no fear to “discuss” investment with a machine, but when big wealth is a stake, a human advisor is still way better.
The point is, people are moving quicker than banks in adopting automated forms of wealth management. And we asked this to Thomas Zink, Associate Research Director at IDC, during the 2018 Objectway International Customer Conference (OWIN18):
Research shows people are not afraid to get financial advice from a machine. Banks, on the other hand, seem slow in reacting to such developments. What will it take to see the alignment between people expectations and banks’ offerings?
Thomas felt the need to give us a Short answer and a long (short of four minutes) one! You can look at the latter in the video below. And see the reason for choosing hybrid advisory.
(Wnat to know more about OWIN18? Read the summary of that long and exciting day, or point directly to videos from Darragh Lennon from KBC, Spiros Margaris (that answered two questions), and Julien Bernard).