Launching North America’s First Robo-Adviser Bot on Facebook Messenger

Imagine you are very wealthy (if you are already, congratulations!)… You probably have a private adviser helping you to manage your money. You share your financial situation and goals with them and they help to optimize an investment strategy for you. When you detect a shift in the marketplace, for example the Brexit, you reach out to your adviser to see how it impacts your portfolio. They provide a deeply personalized service that directly addresses your money questions and concerns, and interacting with them is easy: You call them up.

Now think about your own actual experience. You may have some money saved up, but wouldn’t consider yourself “wealthy.” You want that money to work for you in the best way possible, but don’t have enough in the bank to justify hiring a pricey financial advisor. This is the situation for many of us, which is why we are extremely excited to be working with Responsive Capital Management to bring the best parts of a private financial adviser experience to anyone who is ready to invest and needs advice.

Responsive has been building an active portfolio management platform for years now. With their partners they help to manage over $1.2B of institutional and private wealth. The company does this using the latest in artificial intelligence. As CEO Davyde Wachell, who specialized in AI at Stanford, puts it, “If Amazon can recommend me products, Apple has a digital assistant, and Google makes self driving cars, then why can’t my investments be AI-driven?” At Finn.ai we worked with Responsive to extend this AI approach into the customer experience, launching the first robo-adviser bot in North America last month.

As with most bots in market right now we have started simple. Consumers can use the AI tool to find information on Responsive and how they work, start to customize their portfolio and register for news and portfolio alerts to help them keep on top of their portfolio in real-time. The objective of this tool is to extend this assistant to mirror and replace the best parts of a human adviser, providing real-time portfolio updates, sharing relevant news and events and being available to answer questions 24/7.

Wachell explains, “For too long there has been a frustrating mote between customers and financial services. Regular people don’t get access to AI-driven investing, let alone the ability to easily get information from their investment accounts. Responsive is excited to be collaborating with Finn.ai on an investment experience that removes these barriers and focuses on helping customers understand their personal finances, and the global economy. “

This may all sound new, but virtual assistants are set to be a key part of how we access online services in the future. Forecasts expect that 1.8B consumers will regularly use virtual assistants by the end of 2021. This includes assistants like Siri, Amazon Alexa, Google Now as well as assistants for individual services like Responsive.

This personal digital assistant revolution is happening for two important reasons:

  1. These assistants offer businesses like Responsive a way to connect with customers where they already are, within winning chat and voice platforms like Facebook Messenger, Kik, Slack, Skype, Amazon Alexa and more.
  2. They offer a way for businesses to connect with customers in a way that is universally familiar, by chatting. In this new world, customers can get the information they want, where and when they want it with exceeding ease.

Conversational assistants, baked into existing chat and voice platforms, are the future of online and suit banking and wealth management services particularly well. We are excited to help Responsive Capital Management lead the way in this market. It is inevitable that most companies targeting Millennials in this space will follow.

The nature of AI is that it is a learning system and fortune will favor those who experiment early.