How artificial intelligence is transforming the financial industry - BBC News

More and more, financial firms are turning to machines to do the job humans have done for decades. Last spring, wealth management firm Charles Schwab launched a new service called Schwab Intelligent Portfolios. The service is unique in that it's not a person who decides where to invest your money, it's an algorithm - lines of code programmed into a computer. "It's lower cost for the investor," says Tobin McDaniel, who leads the Schwab Intelligent Portfolios team. "As opposed to working with a traditional advisor where you might pay up to 1%, here you get portfolio management at essentially no management fee."