Reverse Pitch | 'AI and automation can help create decision support systems'1 min read . Updated: 18 Sep 2019, 12:28 AM IST
It’s human nature to make decisions based on information from people we trust
It’s 2019 and technology has touched every part of our lives. From the food we eat to the way we find love, technology is omnipresent.
Despite this, when most people start investing they either rely on half-baked knowledge from friends or sub-par information supplied by salesmen masquerading as advisers.
It’s human nature to make decisions based on information from people we trust. However, that can be limiting because trust doesn’t come easy and the authenticity of information depends on its source. In addition, it takes time to understand what an investor needs. Investments are unique and personal. The right investment is based on multiple factors ranging from your income to savings, risk profile, financial goals, age, and more.
Good financial advice is the need of the hour and, while human deliberation is required for many aspects, the basics can be left to technology. Artificial Intelligence (AI) facilitates an objective approach and can crunch massive amounts of data. A full financial advice solution, therefore, is born only when you marry data and technology with a human touch. Today, AI, automation and formal reasoning can help create decision support systems. These systems complement human efforts. That is why AI-based needs-analysis systems have massive potential across industries.
What is “need analysis"? It is an exhaustive form of research that helps identify what a person’s requirements are and what is right for them based on multiple parameters. This research is a combination of both subjective and objective data.
The impact? Huge amounts of data are analysed in a short time and parts of the decision-making process are automated. Human advisers can then make extremely informed decisions. This way experience, wisdom, and data come together to create magic.
Reverse Pitch is like a normal investors pitch, but with the roles reversed. That means the startup doesn’t present its business to investors but investors and companies pitch their business concept, challenges and the like to startups.