Combining both 'fin' and 'tech' in robo-advisory services

TECHNOLOGY aids us in working smarter. Knowing how to apply the latest technology - including artificial intelligence - can help humans automate repetitive tasks and spot patterns from large data sets, making us more creative and productive.

Robo-advisory is a case in point within the investment management industry. Technology has lowered the cost of investment advice provided through this medium. This has in turn driven the popularity of robo-advisory services, increasing their share of the investment market. Business Insider Intelligence projects that robo-advisory services globally will manage US$4.6 trillion in assets by 2022. Considering that the first robo-adviser emerged only in the wake of the 2008 global financial crisis, progress has been brisk. Various asset management companies and financial technology (fintech) companies now offer the service.

Amid the surge in demand for robo-advisory services, reflecting on lessons from other domains that have seen a rise in human-machine interactions can be instructive. Often, the most advanced technology can only be made useful if expert judgement - yes, human judgement - is brought to bear.