Stockspot founder and CEO Chris Bryci says since the launch of the robo-advice service he founded in 2014, response from the public has been positive. "Professional financial advice is expensive and many Australians are locked out of the market for personalised investment advice due to the high costs involved," Bryci says. While younger people aged between 18-35 are typically the first to embrace online businesses and technology, Bryci has seen an increase in the number of older Australians giving the service a go. Robo-advisers such as Stockspot are opening the doors to a wider range of investors by using algorithms to plan and manage investment portfolios. This results in an automated process, which reduces the cost of seeking financial advice.

Sydney fintech startup Stockspot has become the first robo-advice platform in Australia to integrate AI and machine learning functions into financial advice. The company has today announced the launch of its new digital financial assistant to help clients optimise their investment behaviour. The digital financial assistant works by analysing thousands of clients and making targeted recommendations. As it learns, the technology will provide consumers with intuitive assistance to help investors optimise their profile and coach them to make better investment decisions. Instead of being a financial advisor that makes recommendations through listening to clients, Stockspot will now give advice based on consumer behaviour and actions.