Finbots Rising

Well here is a very interesting article on the rise of ‘finbots’, or financial robots. Seems they are growing at a faster pace than apps. Long story short (but always read the whole article, of course) seems the finbot’s can ‘gently’ remind you of ways to save money when you shop, make investing decisions (gently giving advice) and other daily “suggestions”. Call me skeptical and maybe call them “nags”. Oh wow, maybe they can influence your voting too.

At the same stage where mobile apps were a few years ago, it is now noted that finbots are growing at a much faster pace. These finbots, or rather personal finance bots, will suggest alternative thoughts in your daily spending, saving and investing habits. A gentle reminder that instead of buying that extra can of Red Bull you could immediately invest that savings in a child’s college account.

Obviously as artificial intelligence (AI) gets more sophisticated and couples with the finbot, a good many more possibilities will be included in our daily lives. Kind of like Siri on steroids. But with all that there will be unintended consequences. The author references the Tesla autopilot as well as several others. The future is not always as bright as envisioned.



Posted 11/14/16 by Bill Taylor, CEO-FintekNews
Source: VentureBeat