Sramana Mitra: If they’re significantly assisted by technology, they need to be trained to use that technology and do their job of helping investors as opposed to making those decisions themselves, which involves a different level of financial understanding. Richard Hamm: As I pointed out, Digit is doing exactly that. They’re trying to develop it
Sramana Mitra: Let’s switch to the other question which is open problems in FinTech using the kinds of approaches you’re talking about. Where do you see the possibilities of applying these kinds of techniques? And to do what? Richard Hamm: In the FinTech world, which is alive and well in Toronto, my biggest concern, particularly
Sramana Mitra: How is this information consumed by your customers? Is there a human in between the bank’s automated system and where the consumer touches the bank? Richard Hamm: At the front-end, we use predictive analytics. We also add our own human influence on this to verify the accuracy of the models by good old-fashioned
Sramana Mitra: When a bank does hire you to do this kind of work, double-click down to exactly how the technology works and what it is that it’s doing on behalf of the bank. Richard Hamm: What the banks want us to do is to satisfy their investment-oriented customers by giving them a good return.
Richard discusses predictive AI applications in FinTech, including the state of the robo advisor industry. Sramana Mitra: Let’s start by introducing our audience to yourself as well as to Bristol Gates.