Robo-Advice with FinTech
The reason that financial advice has always been so expensive is because it required experts to take into consideration a great number of variables to offer the right advice. However, as computing power improves it is possible for leaders and innovators of industries that are underpinned by advice, to make use of this increased computing power. By giving a computer the rules and algorithms it requires to make accurate and consistent decisions you can now rely on the results and remove the most expensive and error prone component from the system- the personal advisor. Robo-Advice is quite a new term but a concept we have been progressing towards for a long time.
In some instance this advice in just in the form of educating the end user on what and where they are spending their money. In others it can accurately indicate what percentage and value an individual should be investing in certain markets. Robo-Advice can even determine the level of cover you should have and help you facilitate the purchase. There will always be limitations on the level of advice that can be offered and people that require personal advice but for the majority of us the personal advice we can expect from these increasingly complex robo-advisors is sufficient.