Exploring the adoption challenges and strategies for robo-advisors

Digital Reinvention
17/10/2023Article

Meral Ahu Ozcan Karageyim, an Academic Associate at ICD Business School, delves into the transformative potential of AI-based social robots, particularly robo-advisors, within the financial industry, addressing the challenges they face and proposing innovative strategies to enhance their adoption.

As technologies continue to develop, social robots are becoming increasingly popular in various industries, including retail, health, banking, tourism, services, entertainment, communications and media. Service robots are system-based, autonomous and adaptable interfaces that interact, communicate and deliver services to customers, employees and/or other (service) robots. Many people already interact with social robots at home (Siri, Alexa) or in working environments. Social or humanoid robots interact, engage and co-create value with customers in service. AI-based social robots are transforming service industries in one way or another. As these robots are also becoming more common in the financial services industry, let’s take a look at their transformative power and the challenges involved in their adoption.

Currently, social robots are becoming increasingly advanced owing to the latest technological developments. In addition to their mechanical skills, they use impressive analytic, intuitive and social skills for better service. Therefore, it may be useful for financial service providers to use these social robots, chatbots and robo-advisors because they offer productivity and efficiency, and may enhance customer experience. So, the big question seems to be, “How are these remarkable developments of AI-based social robots perceived by customers?”

Want to keep reading?

Create a web account to get access to more insights

Related news & insights

16/01/2025News

Bank Millennium launches Millennium 360 Prestige for affluent clients

This innovative account, combined with the previously introduced Visa Global credit card, offers a comprehensive solution designed to meet the...

15/01/2025News

Khome's innovative co-investment model aims to help buyers access real estate

Khome, a subsidiary of the Crédit Agricole Group, is introducing a novel solution aimed at tackling financial barriers for individuals...

ESG
15/01/2025News

CaixaBank ensures financial inclusion with mobile branches across Spain

CaixaBank is taking significant steps to ensure financial inclusion in Spain by expanding its mobile banking services, now available in...

13/01/2025Interview

At work with Raymond Sia

Raymond Sia, CEO and Executive Board Director of Canadia Bank in Cambodia, shares his insights and experiences with Qorus, reflecting...

Digital Reinvention
13/01/2025News

RBC and Cohere collaborate to transform financial services with secure generative AI

The new platform, North for Banking, combines RBC’s internal technologies with Cohere’s proprietary AI models to create a highly secure...

Digital Reinvention
10/01/2025News

BRImo app expands global banking capabilities

Bank Rakyat Indonesia (BRI) has unveiled significant updates to its BRImo mobile banking application, emphasizing global accessibility and enhanced functionality.

Digital Reinvention
10/01/2025News

eToro unveils advanced portfolio tools for smarter investing

eToro, the trading and investing platform empowering users to invest, share, and learn, has introduced a suite of cutting-edge tools...

Insurance
09/01/2025Article

Generative AI in insurance: The game-changer you can’t afford to ignore

Generative AI (GenAI) isn’t just a buzzword – it’s set to completely revolutionize the industry in ways we’re only starting...