Big investment companies see tech as a threat—and an opportunity.
“Alexa … will I meet my retirement goal?”
“You are not on track to meet your retirement goal,” replies Amazon.com Inc.’s voice-activated digital assistant, with not a bit of sugarcoating. Then she suggests turning over $76 a month to Fidelity Investments and its advisers.
This won’t actually happen if you try it on your Amazon Alexa device at home. It’s a demonstration put on by EMoney Advisor LLC, a company owned by Fidelity, in its offices in Radnor, Pa. Amazon provides software for third-party app developers to experiment with new functions. Fidelity is trying to find ways to apply artificial intelligence, computer algithms, and voice- recognition software to the hidebound world of money management and investing.
There’s some urgency to the task. These days, investing firms figure they’ll either master the digital world or become yet another of Silicon Valley’s victims. Each year, Fidelity gathers scores of technologists and executives to confront threats to the 71-year-old business, which manages $2.4 trillion and is one of the world’s biggest mutual fund companies and retirement plan administrators. Like generals and soldiers in a war game, they sketch out what they would do in all kinds of scenarios, such as a market crash or a merger that creates a super-rival. Just as ominous, perhaps, they ask: What if Amazon distributed financial products or offered its own financial advice? What if Google bought its own money manager?
この記事は Bloomberg Businessweek Middle East の January 01, 2018 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Bloomberg Businessweek Middle East の January 01, 2018 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
Golfing With The Enemy
Did Donald Trump's executives violate the Cuban embargo?
Super-Rich Syrians Wait for War's End
Actor, author, playwright. Gill Pringle tries her hand at unravelling the mystery behind this enigmatic multi-hyphenate
Pam Codispoti
The mastermind behind the industry-shaping Chase Sapphire Reserve Card sets her sights on banking
This Time It's The Economy
President Rouhani’s budget sets offprotests from people angry about unemployment and inflation
Saudi Prince Counts On Support Of Citizens
State-worker salary increases appeal to the people, but policy may throw the budget off track
Stalin's Legacy Is Choking The Ukrainian Economy
The government has resisted pressure to lift a ban on land sales, despite pressure from the IMF and investors
Catastrophe Bonds Survive A Stormy Year
The turbulence of 2017 couldn’t destroy a market for betting against disasters
Riding The West Bank's Credit Boom
Increased consumer lending is creating a bubble in the West Bank
You'd Be Crazy To Buy Pizza With Bitcoin
Speculative fervour makes the cryptocurrency clumsy for commerce
What If The President Loses His Party?
Trump has to figure out a way to work with Republicans in Congress, or the global economy may be at stake