Jang also suggested that robo-advisors would become particularly active in retirement pension management with the increasing demand for medium-risk, medium-return financial products given prolonged low interest rates and low-growth, as well as Korea’s aging society. (image: KobizMedia/ Korea Bizwire)
SEOUL, July 12 (Korea Bizwire) – The latest predictions of the future of the Korean asset management market indicate that the use of robo-advisors, AI-based asset management services, will become more prevalent in coming years.
The AI platforms will serve as investment advisors that recommend specific financial products and investment portfolio composition via analysis of consumer data and financial big data.
The prediction was brought forward by Jang Doo-young, the vice CEO of Quarterback Investments, during Tuesday’s Electronic Finance Seminar. Jang also suggested that robo-advisors would become particularly active in retirement pension management with the increasing demand for medium-risk, medium-return financial products given prolonged low interest rates and low-growth, as well as Korea’s aging society.
He further added that robo-advisors will develop into part of a sophisticated service that will also provide retirement planning, and asset and debt management. As to the biggest strengths of AI services, the deputy chief pointed to swiftness, accuracy, and the promise of more affordable asset management.
At the moment, robo-advisors are used only as reference tools for professional human counterparts, but the government is planning to allow robots to provide investment consulting and asset management services for investors starting as early as the coming November.
By Kevin Lee (kevinlee@koreabizwire.com)
