As mankind slowly becomes more inclined to depend and entrust machines for their everyday functions, the dread of an apocalyptic wasteland created by a Skynet like artificial intelligence becomes something that may not be so absolutely unfeasible.
Bank of America hopes that their customers will entrust their bank accounts with robots. Through the use of alogorithms, customers will be offered investment advice without the use of human consult. This assistance will be offered through the use of apps and online consultation. An “automated investment prototype” has been discussed to be rolled out next year that will offer financial advice for accounts less than $250,000.
If that’s not enough, Bank of America isn’t the only banking establishment that intends to go in this direction. Other financial institutions such as Wells Fargo and Morgan Stanley have also mentioned that they would like to implement such prototypes in the future as well. The thought process is probably that younger customers would not be hesitant to trust their finances to these invisible, mechanical systems. You know, unlike the oldies.
The phase of “robo advising” is a rapidly booming business. In 2012, it was at an absolute nil, however, by the end of 2016, more than $300 billion in assets can be managed by these robotic advisors.