Amazon Alexa

Asset managers’ websites are difficult to navigate. Soon institutional and retail investors could ask questions and access their portfolios via voice assistants like Siri and Alexa.
Some of the largest fund managers, including BlackRock, Invesco, JPMorgan, State Street, and T. Rowe Price, are laying the foundations for voice programs, which they could roll out as soon as next year.
It’s unclear how much investors will use these programs, and some advisers are worried about privacy and encouraging short-term behavior.
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With just a few spoken words, you can schedule doctors’ appointments on Alexa, order groceries on Google Home, and ask Siri for flight updates. Soon people will be able to interact just as easily with the companies that manage their investment and retirement accounts.

Big asset managers such as BlackRock, Invesco, State Street, T. Rowe Price, and JPMorgan are preparing to roll out tools on platforms like Alexa and Siri as soon as next year, top digital and marketing executives told Business Insider. They’re planning to start with simple search-related tasks for voice assistants, like asking Siri about account balances or answering specific market questions, such as how US futures are trading.

Still years away are more complicated use cases, like asking Alexa to recommend the best exchange-traded fund for a portfolio or ordering a voice assistant to pull information into a PDF.

Because voice functionalities, including those for financial services, are still developing, it’s hard to predict what the demand will be — or even if there will be any at all.

Scott Smith, the director of digital advice at the consultancy Cerulli Associates, said the appeal for new technology is always unclear.

“In the 1890s, people wanted better horses, not better cars. In 2001, no one knew they needed an iPad. We really don’t know what the use cases are until we see what the capabilities of these offerings are,” he said, adding that voice isn’t for everyone.

“Most asset managers aren’t ready to do [voice] yet. They’re still trying to make their sites work better for advisers and get investors to use them,” Smith said.

Those asset managers that are preparing for voice are tapping into an exploding market. A recent Microsoft report predicted that 75% of households would have at least one smart speaker by 2020, up from 22% at the end of 2018. Voice isn’t limited …read more

Source:: Business Insider

      

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‘Alexa, what ETF should I buy?’ Asset managers like BlackRock and Invesco are testing out voice assistants — but it’s too early to tell if customers will actually use them

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