Artificial Intelligence is on a surge these days. Every now and then, new technology keeps flowing in, popping up like mushroom beds. From flipping burgers to throwing newspapers, from bricklaying to architecture designing, machines are replacing humans almost everywhere.
Back in 1965, the renowned British mathematician Sir Irving Good made a statement that took a toll on the minds of those present in the conference. He stated that if we could someday build an ultra-intelligent machine that could learn and execute as we (humans) do, then ultimately the machine would be able to create a machine superior to itself. And that would mark an epoch in the history. It’ll create a world entirely different from what we perceive today. No wonder the era has begun, and the effects are clearly visible in each & every domain; investment world is no exception.
My SIP online to Use Artificial Intelligence-Based Algos for Fund Suggestions
How Is Artificial Intelligence Dominating Investments?
Max Tegmark narrated the potential of AI through an imaginary but marvellous example. Prometheus – a fictitious supercomputer capable of self-learning anything and everything – is the hero of Tegmark’s story. Though the machine had a rough start, it soon started processing and reacting to terabytes of calculation which would have otherwise exhausted a thousand person-years to get decoded. From making animated films as close to human filmmakers as possible to controlling the world’s economy, Prometheus was omnipresent.
And, this is the most practical imagination made to date. Besides everything else, AI has started dominating (for good) the investment industry as well. MySIPonline – one of the most prominent online investment companies in India – uses AI for a variety of purposes. It has forged online tools and triggers that make customised plans, both lumpsum & SIP investments, for the investors that are best-suited to their needs.
The algorithms used at MySIPonline targets the investors’ psychology, spelling out what may suit them the best. For instance, if you are looking for a good large-cap mutual fund, then the algos will kick in and keep learning from your search history. Later, they’d use this information to suggest you some of the best large-cap funds available in India and that too keeping your personalized needs such as the investment strategy, time horizon, risk appetite, and several other important parameters in concern.
Can AI Provide Better Advisory than Humans?
Machines were invented to reduce human efforts and lube up the difficult tasks. However, with the passage of time, the technique and technology both evolved tremendously. Before the announcement of the iPhone, nobody ever thought of using mobile phones to book air tickets or watch YouTube videos.
MySIPonline has integrated technology with investments to make financial planning better and simpler. They use state-of-the-art Robo Advisory to dictate portfolio plans to different investors. This helps the investors to stay updated on the market movements, as any variation is immediately sensed by the powerful algos embedded in MySIPonline that triggers notifications on every single user dashboard.
The Future Role of AI in Investments
Due to an increasing reliance on artificial intelligence, the human element in making financial plans is gradually pacing down. This would mean that the margin of human error will shrink, and you’d be able to enjoy sophisticatedly created portfolios. As of now, AI has already created an important space for itself in the stock market, where various vital functions are performed by algorithms.
In addition to it, AI-powered ETFs are running where the management of the funds’ portfolio is in the hands of algorithms. So, the three major parts of investments – trading, advising, and analysing – are now relying on the technology, which is sure to get better with time.
MySIPonline is playing an essential part in increasing the role of AI in future investment planning. It is teaching today’s generation how automated systems will help them scrape gold from the dirt, by editing their choices and letting them invest in the best areas possible. Having said that, the point is, are you ready to make technology in charge of a better future?