In November 2017, the now ‘late’ Professor Stephen Hawking issued a chilling warning about the imminent rise of artificial intelligence. During the interview, Professor Hawking warned that AI will soon reach a level where it will be a ‘new form of life that will outperform humans.’
There is a move afoot to bring the delivery of financial advice into the 21st century. After all, with the smart phone, tablet and virtual reality all breaking through boundaries, why should financial advice not find itself in the vanguard of change?
It should work, could work, but will not work until something very simple yet clearly requiring a considerable volte-face takes place.
So, here’s a thought for you lovers of Steve Jobs and even Ned Ludd.
I had a e mail today from Marin Software. It started with this statement: “Advertise Where Your Customers Are” and linked to an interesting article around Amazon advertising opportunities.
It observes: “When buyers search for a product, they’re increasingly turning to Amazon as their first stop. There’s no doubt that Amazon advertising is on the rise, but is it enough to loosen Google and Facebook’s iron grip on the digital advertising landscape”?
Steve Jobs reckoned that “Older people sit down and ask, ‘What is it?’ but the boy asks, ‘What can I do with it?”.
Smart technology exists and is readily available in the average home. Algorithm based analytics are there, right now, to deliver for the mass market an automated method of providing the average family with the ability to self medicate their financial ailments and prescribe a solution.
This happens in many areas of web based life today so why not financial services?
Robo-advice must be in the cross hairs for Amazon, they sell pretty much anything for anyone and are the masters of the Algorithm.
Amazon presents the world of financial services distribution with a challenge and an opportunity, at the moment a simple search for ‘Financial services’, life insurance, ‘pensions’ or any other search permutation offers up hundreds of books, but no access to actual advice.
How long until you will be able to simply say ‘Alexa, a pension/ annuity/ life cover’. And for Amazon, no warehouse space, packing or logistics of delivery.
Mr Bezos, over to you.