Once upon a time, you had to be an expert yourself or trust a human financial advisor if you wanted to jump into the world of investments. However, this is no longer the case.
There are many amazing developments in artificial intelligence which have helped to change the investment world as we know it to help anyone get a foothold in this strange world. Whether you are a financial whizz or a complete newcomer, these innovations are allowing us to take better control over our finances.
What is AI?
AI stands for Artificial Intelligence and it is a technological advancement which we have been striving towards for many years. We have dreamt up artificial beings for thousands of years. Just take a look at any myth or story which features something being brought to life; the golems of Jewish folklore, Talos the ancient Greek automaton, or even Frankenstein’s monster.
Thanks to the invention of computers and in-depth study of mathematical logic by great thinkers like Alan Turing, we have in the past few years been able to develop something akin to the AI we have seen in science fiction and fantasy for years.
Although we are a long way away from something which moves and thinks independently, mimicking a person in ways we can’t imagine, we have managed to invent artificial intelligence which is capable of performing certain computing tasks.
How This Effects Investing
Once upon a time, you would either have to teach yourself about investments or leave it all in the hands of a trusted advisor. Now, AI is helping us to bridge the gap out there. More and more AI-powered investment apps are popping up across the market to allow us the chance to get to grips with investments.
These AIs are being referred to in the industry as Robo Advisors. They are capable of examining the markets for trends and other potential issues and relaying the information back to their user to allow them to make decisions with their assets.
This technology is being used at both an amateur and intermediate level. Those seeking to get into the world of investing use Robo Advisors to learn more about the market. They may only be dabbling in very small amounts of money, depending on the software they are using, but they still need the support to make wise choices. The Robo Advisors offer that.
For intermediate investors, the basic function is much the same but the software is capable of going more in-depth to deliver clearer and more concise results. If you have a good understanding of the stock market and where you can make investments, you should be able to adjust the settings of your Robo Advisor to combat this.
Sometimes these Robo Advisors are being referred to as the best online stock brokers because of how it helps you get your start in the online investment world. They have a variety of tools you can use for a tailored, successful start.
Considerations to Be Made
If you do wish to give online investment a whirl then there are some things you definitely need to consider. Firstly, investing is not foolproof and there is no guarantee that your investments will produce any returns. This is just part of the game and it is something you are going to have to try to overcome through your chosen investments.
Secondly, the advice given by the Robo Advisors is sound but it might not be what you are looking for. If at any point you want a second opinion, you should sign up for an investment opportunity which offers access to a human advisor so you can check the AI’s advice against a qualified expert’s opinion. It is the perfect compromise for someone who might be unsure about what they are signing up for.
AI is Changing the Game
Less than a century ago, AI was thought to be the dreams of science fiction and now it is a reality we are living in. From the AI assistants like Siri and Alexa to chatbots on our favorite shopping websites, we are encountering more and more AIs everywhere we go. It is likely that in less than a decade, AIs are going to be a firm part of human existence.
For now, you should definitely check out something which offers Robo Advisors if you are keen to get into the world of investment. They are handy tools which can really help you to make some sound investments for your future.
If you are at all interested in investment, a tool with Robo-Advisors could make everything seem much clearer whether you have dabbled in investments before or this is your first time. They are truly leveling the playing field and changing the game to make it more accessible and interesting for all involved.
About the Author: Bernadine Racoma is a senior content writer at Day Translations, a human translation services company. After her long stint as an international civil servant and traveling the world for 22 years, she has aggressively pursued her interest in writing and research. Like her poetry, she writes everything from the heart, and she treats each written piece a work of art. She loves dogs! You can find Bernadine Racoma on Facebook and Twitter.