Would YOU Trust a Robot with your Money?
Europa Trust Company Ltd
22 February, 2016
The way we manage money, investment portfolios, tax affairs, debts and financial planning could all be replaced by a robot undertaking the tasks for us. Europa Trust Company Ltd investigates this new developing global trend.
Within the last few years there has been a rapid global increase in advanced robotics, self-driving cars, artificial intelligence and "machine learning". These technologies will soon affect world economies as financial institutions look to implement these advances within a variety of industries. Financial firms in the USA, India, Australia, Canada and countries in Europe have already made use of "Robo-advice" and "Robo-advisors"
Robo-advice is whereby automated advice, transactions and even whole jobs usually reserved for humans are replace by robotic and digital applications. A robo-advisor is an online service that provides automated, algorithm-based portfolio management advice without the use human financial planners.
Those who support the trend for robot advisors and robot advice claim there is no longer a need to use expensive advice from a human adviser and that a robot can weigh up financial decisions faster and with fewer mistakes.
The World Economic Forum (WEF) predicted last month that by 2020 the global assets under management of robo-advisers will be an estimated US$ 255 bn. In addition to this prediction a study by academics at Oxford University forecast that 35% of British jobs will be lost to robots within the next 15 years.
However, at Europa Trust Company Ltd, we still believe a personal touch to our business helps our clients achieve their objectives. This means a dedicated human team member is always assigned to YOU and YOUR personal structure needs.
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