ROBOT INVESTMENT ADVISORS
|Source: Nordea Bank - Robot Bankers Nora and Nova|
Rising Robotic Workforce
During the global COVID-19 pandemic, the robot workforce has been on the rise. In China, there are robot-run field hospitals and new robot restaurant complexes. In the US, robot concierge and robot cleaners are working at 5-star hotels and telepresence Avatar robots are enabling long distance learning. Now in Finland, a robot investment adviser has become more popular than the human variety.
Nora, the Investment Adviser
At the biggest Nordic bank - Nordea, headquartered in Helsinki - a robot investment advisor named Nora just had a great 2nd quarter. Nora pulled in 40% more business during the height of the COVID crisis. By contrast, new business for the bank's human advisers was flat. The Bank says that millennials prefer talking investments with a robot rather than with a human. Nora saw the most action advising investors under the age of 40.
Bank executives say Nora offers another advantage. She reduces pressure on the human investment advisors who are helping tens of thousands of customers through market swings. In the past few years, a number of big banks in Scandinavia have brought in robots to provide customer service and offer investment options.
Nordea is so pleased with Nora and with their other robot Nova, who helps people defer their loan payments, they are looking for more opportunities to bring in more robot bankers.