A new study published in Economic Inquiry is the first to assess the willingness of consumers to adopt advisory services in the banking sector that are based on artificial intelligence (AI). Investigators examined whether the likelihood that consumers adopt AI in banking services depends on tastes for human interaction across different cultures. The study focused on robo-advisory services, which are automated investment platforms that provide investment advice without the intervention of a human advisor. When investigators analyzed an ING Bank dataset encompassing 11,000 respondents from 11 countries, they found that different attitudes across cultures shape differences in local consumers' likelihood of adopting robo-advisory services. The analysis revealed that robo-advisory services may be adopted where they compensate for feelings of a lack of trust and reliability towards human advisors among consumers.

Ilker is Co-founder of Botanalytics, conversational analytics company based in San Francisco.

OW Tai Zhi, co-founder and chief investment officer of AutoWealth, was working for a family office in 2013 when a friend walked in, plonked a S$200,000 cheque on his table, and asked him to invest his money. "I'd been helping rich people get richer," Mr Ow says. "A lot of friends and family around me kept saying: 'Help us, we are the people who deserve more help'." Out of that formative experience grew the realisation that perhaps there was something revolutionary he could bring to the asset management table. There was already a high level of frustration directed against capitalism's standard-bearers: the fund managers who invest our money in unit trusts, the banks and insurers who take a hefty cut for distributing these products, and the wealth advisers who require high minimums. The solution, for forward-thinkers like Mr Ow, was software.

Frost & Sullivan's research, Disruption in Global Financial Services, 2017--Machine Learning is Imperative, provides an overview of ML market dynamics, including technology trends, drivers, and challenges for adoption. Case studies and profiles of some of the key players in the report cover Google, IBM, Orange, Swisscom, Onfido, Darktrace, Klarna, Infosys, SAP, and Rasa.ai. To access more information on this analysis, please visit: https://goo.gl/4CtAwr "The biggest advantage of ML solutions is their ability to learn from every transaction and instance. Today, companies and consumers are more comfortable with hybrid services. However, the fact that machines are evolving at a rapid pace, learning continuously and using this knowledge to improve customer satisfaction and experience is the biggest differentiator," stated Digital Transformation Senior Industry Analyst Deepali Sathe.

The wealth management industry is facing a wave of digital disruption. Developments in finance, science and technology have led to a new generation of financial technology start-ups. Most "fin-techs" focus on automated investment services, or so-called'robo-advisers'. Betterment, the pioneer of automated investing, recently surpassed $5 billion in assets under management, only 8 years after it was founded. And what can we expect from the automated advisers of the future?

They were largely unheard of a few years ago, but robo-advisers are on the rise in the financial services industry, with OCBC Bank entering the fray. The lender on Saturday started a trial of an online platform that will use computers to offer portfolio management advice. The pilot is aimed at accredited investors - those with net personal assets of more than $2 million. It will eventually be open to all investors. Mr Aditya Gupta, OCBC's head of e-business for Singapore, said a fixed timeline for the pilot has yet to be determined.

The wealth management industry is facing a wave of digital disruption. Developments in finance, science and technology have led to a new generation of financial technology start-ups. Most "fin-techs" focus on automated investment services, or so-called'robo-advisers'. Betterment, the pioneer of automated investing, recently surpassed $5 billion in assets under management, only 8 years after it was founded. And what can we expect from the automated advisers of the future?