We trust Siri to give us directions, are happy to use a self-checkout at the supermarket, and the introduction of driverless cars is eagerly awaited by many, yet it seems bank customers are not ready to accept investment advice from artificial intelligence bots.
Banks have been investing heavily in the use of artificial intelligence (AI) and automation, with virtual bots frequently replacing human service staff in customer-controlled self-service.
This has led to the growth of robo-advisers, which are digital platforms that provide automated, algorithm-driven financial advice with little or no human supervision. In the U.S. alone, it is projected robo-advisers will soon be managing over $1 trillion of Americans’ wealth.
A study by Griffith University researchers, titled “Man vs Machine,” has assessed the faith customers had in computer-generated investment advice, and found that while things like opening an account and depositing smaller amounts (up to around $1,000) were seen as acceptable, when the amount increases customers are more likely to demand that a human is involved.
The study is published in the International Journal of Bank Marketing.
Lead author Dr. Gavin Northey said there were some notable advantages to AI.
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