January 25, 2019


When it comes to Artificial Intelligence (AI), opinions are often split. The majority have come to the gradual realisation that efficiency is maximised when AI is utilised alongside human resources, however there will always be those who are sceptical of the more significant technological transformations. When it comes to jobs that once could only be executed by mankind, such as; healthcare, legal services, taxi drivers and even journalists, it can be a tough transition to get behind. With the complexity that surrounds AI technologies it is easy to disregard these changes as a worry for the future. But the future is here, and it’s digital.

Despite the increasing acceptance in recent years towards the inclusion of these progressions, the financial services sector seems to be one industry that causes remarkable angst, among over 80% of the population. If we can learn to entrust the care of our loved ones into the hands of robotics, why is it that such stigma exists surrounding the use of artificial intelligence to assist in our financial affairs?


With any new technology, there is bound to be a phase in which we take our time to establish where we stand with it. This rings true with any new tech release, be it a smartphone or laptop, a driverless car or drone deliveries, we will be instinctively apprehensive. As we delve deeper into the digital world minute by minute, the rise of AI brings with it the fluctuation of trust. With almost every process having an element of machine learning in order to meet increasing demands, it feels crucial to understand the fundamentals of this ambiguous technology. While it would be intuitive to assume that this pattern would be consistent, the question of whether we can really trust our money in the metaphorical hands of machine learning still remains uncertain. Human interaction remains second to none, however, the concern regarding our time, resources and not to mention cost efficiency, means that this industry is a gold-mine for innovative start-ups such as the up and coming AI financial assistant, Cleo.

Cleo is a service located on Facebook messenger and while it is not the first of its’ kind, it serves as a prime example for the future of personal financial advisors. Businesses of this kind hits a key gap in the market for Millennials in particular, who to date have significant struggles in managing their money. Keeping on top of a weekly budget and being able to converse with a professional service in a matter of seconds, with personality that mimics that of its human counterpart, it is no wonder that this revelation both stuns and scares the population.

Innovations enabled by a wealth of knowledge and continuous learning technologies as that of computer science, is thought to assist the human professional and allude a sense of a helping hand. However when we start to lose control of judgement and the machine that once followed our commands, becomes the entity that advices our decisions, that is a harsher realisation – no matter the benefits.


Cleo – https://www.meetcleo.com/

Forbes – https://www.forbes.com/sites/johnwelsheurope/2018/09/21/cleo-raises-10m-series-a-to-help-millennials-better-manage-their-money/#e8f2a027fef4

Money Marketing – https://www.moneymarketing.co.uk/will-ai-change-face-financial-advice/

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