Autonomous Finance is the Future  

19 April 2021:

It has become increasingly clear in recent times that the world is gradually migrating towards an environment in which machines will do a much greater share of the work. Exactly how this automated future—and as a consequence, the future of humanity—will eventually turn out remains to be seen at this stage. But as customers, one benefit we are hoping to extract from such a future is the opportunity to have more time to do the things we love and to spend less time doing those mundane tasks that will most likely end up in the hands of robots.

Many of those tasks, it would seem, will fall under the classification of personal finance. And thanks to the progress being made in autonomous finance, such tasks will also become the responsibility of machines and algorithms. By using technology, particularly artificial intelligence (AI) and automation, autonomous finance seeks to alleviate a significant burden from consumers’ shoulders by automating a number of key financial decisions and processes. It encompasses a range of algorithm-based services that can take financial decisions or actions on behalf of consumers.

Of course, the above definition would lead us to conclude that autonomous finance is far from being a new creation. Indeed, some solutions have already made considerable inroads into the mass consciousness, with the likes of robo-advisory now providing algorithm-driven investing decisions on behalf of investors. Whilst they have not taken over the entire investment industry, robo-advisors have nonetheless carved out a distinct niche in the market, serving a broad range of consumers that have long been seeking low-cost, low-hassle investing solutions.

Source: International Banker

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