Financial planning advice is a slow, expensive and, it seems, unprofitable business. Firstly, it can take weeks or even months before a comprehensive statement of advice is ready. Secondly, research conducted by KPMG and commissioned by the Financial Services Council found the average cost of providing comprehensive financial planning advice is $5,335 a client, while…
Would you use a digital assistant in a client meeting? I asked the question in a LinkedIn poll and got over 150 views but just 4 votes. Me and two close friends voted “yes” and one person voted “no”. So, I still don’t know. Finchat is currently going through the Amazon certification process for its…
Ever wondered why digital assistants are so good? It’s all about Natural language processing (NLP) – the science of programming computers to process natural language. It makes robots “more human”. Some serious resources are going into this science. GPT-3 (Generative Pre-trained Transformer 3) is a language model that uses deep learning to produce human-like text. Applying over 175 billion…
Humans are slow and expensive while robots are fast and cheap to operate. Unfortunately, robots can’t read behavioural cues like a human can and pivot immediately with high accuracy. Their algorithms just aren’t there yet. What we need is a cyborg adviser, “enhanced” to do what a robot can do while managing the emotional flow…
Assuming you are one of the 80% of Australians without a financial adviser, where would you go for investment advice? In the old days, the minute the money hit your bank account the branch would swing into gear and the deposit would probably end up in a suite of bank products they hope will help…
