Yes, the Robots are Coming!
Clive Fernandes joins me on the podcast today to discuss where digital advice is and what the next steps are on the road to truly artificially intelligent financial advice. The digital advice we are talking about today is not just a streamlined user experience via your banks app – we’re talking about a method of delivery for unbiased, personalised advice, that can help the everyday Kiwi make better financial decisions.
When we imagine the ‘new world’, it can often be a mixed bag of excitement and also a bit of fear.
As two very wise Kiwi philosophers once said…
“It is the distant future
The year 2000
The world is quite different
Ever since the robotic uprising
Of the late nineties
There is no more unhappiness”
Flight of the Conchords
Perhaps the ‘problems’ of the future will no longer exist. Perhaps we won’t even care.
For some of us, the change is not going to happen fast enough, for others, if they knew how much the landscape has already changed they would be genuinely surprised. In the world of the robotic uprising to come, the chaos will re-arrange things in (hopefully ) a better way, but there could be some disruption along the way. Current market participants and regulators need to get up to speed in order to protect consumers and foster genuine innovation.
As with all the great technology companies of our age like the FAANG group of companies (Facebook, Amazon, Apple, Netflix and Google), the primary reason why they have been such a fast success is the ability to scale their business models digitally.
Thinking about the worlds financially ‘un-reached’, who don’t have access to financial services (like even a bank account), which is around 1/3 of our population – digital currencies are levelling the playing fields. Banks no longer own the rights to operate in this space – the FIN in fintech is being replaced by the TECH in techfin. Digital will eventually eat the status quo.
In New Zealand, there are many providers who make it easy to sign up for KiwiSaver and provide a good level of general information and product advice. That’s awesome, but it’s kind of one-dimensional.
Clive is the founder of National Capital, a new firm that has a mission to reach 1 million Kiwi’s with high quality financial advice – ultimately this is advice that will help more people to build wealth that will see them through retirement.
Search for ‘The Everyday Investor’ on YouTube to watch the video content of this episode.
