New technologies for financial planning – Robots
Rise of the robots
Robots are seemingly intelligent machines that perform tasks autonomously.
Robots have been around since the 1950s and have grown steadily more competent and robust. Leveraging off ever-increasing computer-power, artificial intelligence, big data and the “internet of things”. Robots today can run, jump, deliver goods, weld materials, vacuum our homes and even do surgery. They are also appearing in old age homes as companions to the aged.
Cobots are collaborative robots, working alongside and in collaboration with humans. They can be seen in fulfilment centers where the cobot fetches merchandise from the warehouse to be packed and dispatched.
Robots are coming to take over all jobs that are repetitive, dangerous or just extremely unpleasant. Examples of how this is already happening are;
Delivery bots are becoming more common. Amamzon’s Prime Air (still in development) can deliver 5 pounds of merchandise in 30 minutes by drone. Starship Technology’s delivery robots deliver pizzas and groceries in London, Arizona and Hamburg.
Robots do security and even policing in Dubai and Doha. Colossus is a firefighting robot with a water cannon.
Healthcare and the home
Mako robotics have helped in over 300,000 hip and knee replacements. A robot called Moxi helps nurses with fetching and carrying and has an unexpected benefit of lifting the spirits of patients.
At home we have become used to vacuum robots. Security drones are now available, flying around your home to make sure all is well and reporting back to your mobile phone which may be in another country.
Manufactures are heavy users of robots, sometimes working autonomously, sometimes alongside humans. These robots work 24/7 and when doing repetitive tasks are stronger and perhaps more accurate.
Boston Robotics are leaders in humanoid robots that can run, jump and even do backflips. The Sophia robot has been granted citizenship in Saudi Arabia. Tiny robots like RoboBee can be used to pollinate crops like a real bee.
How could financial planning use this technology?
Delivery drones can be used to deliver essential documents that need to be signed or outstanding information needed to complete the fact find.
A “robo adviser” is not that far beyond the realms of reality, offering immediate financial planning answers to clients looking for simple advice. Amazon’s Alexa allows developers to build skills and Finchat has a financial planning skill you can access here.