(Yicai Global) Oct. 17 -- Artificial intelligence and Big Data are merely technical assistants to investment advisors, and will not completely replace advisors, David Leung, managing director of Standard Chartered Plc's [LSE:STAN] wealth department in China, told Yicai Global in an interview.
The two technologies do help save time in facilitating our investment decisions and choosing where to put money, and they do make our work more accurate, Leung said.
However, AI will never replace investment advisors. For example, in August last year, Standard Chartered released the first mobile trading platform among foreign-backed banks in China. The app offers direct advice to investors along with detailed explanations, but 90 percent of clients still choose to communicate directly with their own customer managers or advisors.
Leung believes that when developing intelligent advisors, many institutions may just introduce their overseas products to China. However, the problem with this is that in foreign countries, especially the US, most AI advisors allocate assets through public offering funds or exchange-traded funds, which can cover almost all major asset categories, but there are still large horizontal and vertical gaps between the Chinese and US markets.