Will Bots Be Able To Replace Real People In Customer Support
Posted on April 16, 2017
Seeing that there are quite a few changes happening within the financial industry as a whole, we are witnessing the inclusion of robot traders as means of achieving greater financial gain. Whatwasused to beseen as just some alternative wayoftrading, binaryoptionstrading and forex have spread like wildfire and became the primary way of trading for a large portion of online traders.
Although it is not probable that the human factor will forever be expelled from the trading industry, it is a fact that new technologies and complex algorithms that are at the base of new robots are able to produce more precise and more thorough predictions.
It might seem as this new trend is just that – a trend, however, the data shows that this is not quite the case. There has been a recorded exponential growth of automated robot software use in the trading industry. Considering we are seeing this change in a relatively short time span, it is only logical that using trading algorithms in the form of a robot trading software is only going to increase as the online trading industry is evolving.
What are Robot Advisors?
Understandably, there was much skepticism surrounding robot inclusion into the financial industry. However, those doubts have soon dissipated after more and more traders started realizing that robots are able to gather so much more information from the markets and analyze them accordingly without a worry of missing crucial information. Using robots as advisors has managed to reduce human error component to a minimum giving the opportunity to all types of traders to access the same level of expertise.
What is worth highlighting is that not only are the robots able to gather and analyze the needed data faster and more efficient than any human could ever do, these robots do much more. Based on the latest technology and knowledge these robot advisors are also significantly cutting the cost for companies while being able to provide unparalleled service to their clients. This put a big question mark on whether people are always going to be a constant factor of this industry.
Is the prediction really that bad?
If we try to imagine whether or not the financial industry will be able to function solely with the help of robots it is pretty obvious that there are certain elements that even robots cannot replicate. Although the use of robots as means of optimization of the system, flawless management, and supreme supervision of the processes is expanding very rapidly and for some, this is worrying, in this capacity they are allowing for better prioritizing. While the need for people to take care of aforementioned elements has decreased, this leaves more room for dealing with higher ranking issues and tasks.
One of the things we can say for certain about the robots is that they are lacking the personalized and typically human approach that most traders still prefer. Although some binary options brokers have started to use bots in their live chat support, human experts and advisors have an unparalleled ability to connect with their clients on a personal level. We as people are more likely to trust someone that we feel understands us and is able to empathize with our potential issues, which is unrealistic to expect from a program.
Are robots being regulated?
It is not surprising that there has been a loud uproar regarding all these changes that have been happening. The unregulated market is what concerns the specialists the most, seeing that such exhaustive changes can potentially lead to market volatility.
The supervising authorities for financial industry are now discussing all possible sides to robot trading and are also trying to warn existing and prospective traders on possible risks connected to an unregulated portion of the industry.