Is Autonomous finance the future?

- Adetti Thakur

In a world that is ever-so changing, and developing, it is clear that in recent times the world is slowly shifting or migrating towards an environment that as kids we described “The Future”. Where machines advance to such extent that they work greater share of the part.

Maybe flying cars are far fetched but, the exactness of Artificial Intelligence (AI) is not. We live in a world where we FaceTime each other from one corner of the world to the other, proving that Technology is what is the future of all sectors and countries holistically.

As customers, one of the many benefits we hope to have is the opportunity to have more time to do things we love and spend as much as less time we can, doing those mundane tasks that we hope to pass down to robots.

Out of the many list of things we would want to pass down to the hands of the robots, one of them would be personal finance, and thanks to the advancements in the technology today, such of these tasks would be handled by machines & algorithms.

Of course, looking at what’s written above one may wonder what is new in this? We already have machines and algorithms doing their jobs in the financial industry by robo-advisory, algorithm based trading/investing on behalf of the investors/traders.

Reducing time, effort & energy of the humans and being efficient is where one gets sold out to resorting to going the autonomous way, be it buying a Tesla car with a feature of autopilot or algo-trading. But the appeal of autonomous finance goes well beyond improved efficiency and time saving. This always stands a chance to be upgraded & bettered at its speed, accuracy, customer convenience with optimal final outcomes.

Currently, the retail-banking, automated account transfers is at the top of the priority list. Part of autonomous finance is its ability to support individual customers needs and requirements and quantifying them. Rather than just being a cost cutting vehicle it can cater to their needs and come out with alternative options.

To think that we won’t get a holiday this week seems to demotivate us, but at the same time when we speak of autonomously working, the machines work 24 hours x 365 days a year only projects the superiority over human capacities.

But! Oh yes there’s a big “but”, are we ready for a computer to handle our money? Turns out not so ready. There will always be apprehensions about trusting another person with money let alone a piece of technology. We refrain from using Google maps & prefer asking people for directions, now however big a paradox it may seem when you say autonomous finance is the future & oh no we are skeptical about handing our financial lies over to a computer, it still doesn’t change the fact that we as humans seek comfort over struggles.

In the current scenario, amidst this pandemic, we know there’s a gap between the financial service providers and the customers of these services, with a fear of not getting an assured return or human error that would cause lose of money. It is evident that we in today’s world need to fill this gap arising from apprehensions, fear & human error, and therefore to conclude I’d say autonomous finance is the future.

#finance #autonomousfinance #algo #thefuture