Netflix has had such an impact on society that there have even been talks of a “Netflix generation”. What’s interesting is that you don’t need to Google it to know exactly which generation this is. Are you the type of person who relies on the internet for almost everything? Then you’re firmly in this group.
And just the way you are reliant on the internet for most of your entertainment, so are you for financial advice. With each passing day, traditional financial experts are coming to the realization that their offices may not be that important; not when clients can interact with them online and from anywhere.
Not Obsolete Yet
Thankfully, the advent of technology doesn’t make these experts obsolete. If anything, they are even more important now. Who’s going to create those algorithms that “proofread” your math? You could think that you’ve accurately mapped out your finances, but you can’t ignore the importance of professional help.
Banks are quickly catching on to the mindset of the Netflix generation, and that’s why they’ve got AI (Artificial Intelligence) officers. Tomi Poutanen happens to be TD Bank’s chief officer, and the man believes that algorithms, as mentioned before, help financial institutions establish deeper and stronger connections with those they serve.
America’s most convenient bank, as TD Bank refers to itself, is at the forefront of integrating artificial intelligence with finances. The institution recently carried out a study in Canada, with the survey’s goal being to find out what Canadians think about the integration of tech in finance.
According to Poutanen, respondents were all for the use of technology in managing their money. In fact, people have grown so accustomed to using banking apps to pay for everyday expenses that they wouldn’t know what to do without the tech.
Additionally, these apps allow them to navigate through all aspects of their finances in real-time, making them the gift that keeps on giving. Why should you queue for hours to withdraw cash over the counter while you can do it right at the comfort of your home?
Need for a Human Touch
All the same, Poutanen is also of the opinion that technology isn’t here to replace human experts, at least for now. While algorithms, apps, m-banking often come in handy, sometimes you need that human aspect to calm your nerves.
Yes, you can open a fixed account via your app, but don’t you need someone to advise you on the practicability of it, based on your cash flow? That’s where the advisor comes in, but the best thing is that you can call the bank and talk to someone instead of visiting the branch.
But with the pace at which technology is evolving, Poutanen also believes that there may come a time, although not in the near future when machines will provide all the monetary advice people need.
It seems plausible, doesn’t it? If the 5th generation of computers is this advanced, one can only wonder how much better it gets with time.
You see how when you’re on YouTube or Netflix you get suggestions on what to watch next based on what you’ve previously watched? Poutanen envisions a time when banking technology will work like that. Your previous money moves will form the basis of your next ones.