Investments in financial AI in the United States tripled between 2013 and 2014 to a total of $12.2 billion. According to observers in that sector, “Decisions about loans are now being made by software that can take into account a variety of finely parsed data about a borrower, rather than just a credit score and a background check.” In addition, there are so-called Robo-advisers that “create personalized investment portfolios, obviating the need for stockbrokers and financial advisers.” These advances are designed to take the emotion out of investing and undertake decisions based on analytical considerations and make these choices in a matter of minutes.
