Posted on 3 November 2016
I keep hearing about 'robo advice'. Should I rely on technology when getting my next mortgage? IT SEEMS that not a week goes by without seeing more and more about AI (artificial intelligence) and how it will play a part in our lives in the very near future...
While technology can have many beneficial effects on our day-to-day existence, those of us of a certain age do remember the original Terminator films (Arnie in his prime) with a bit of a shudder, when thinking about what AI could potentially lead to.
Technology means that we can do many of the mundane tasks that we used to struggle with much quicker. Simple banking transactions carried out online mean no more standing in the bank in that long queue waiting to speak to the bored cashier behind the perspex safety screen.
So much of our shopping is also done online from the comfort of our sofa but, and it is a big but, for many of our more emotional purchases we do still like to engage with a human being.
We still like to test drive cars, for example - you might love that sleek red two-seater convertible, but with three kids, how practical is that going to be doing the school run on a wet winter's day? Another example is clothes; they may look stunning on the model in the picture, but how will they actually look on you?
Homes, of course, are another prime example where buyers do much of their initial research online, but then it's time to go to view some to see how they "feel" and gauge what the parking is actually like, and the rest of the neighbourhood. This is all emotional information that can't be gained online. So while we might do much our initial research online, before parting with our hard-earned cash, we'd like to check out the goods in person. When they're talking to a person, the really good mortgage advisers will pick up on their body language, the soft facts about them and what they're looking to buy.
There's always a difference between what we think we want and what we actually need. So in many cases there's a blend of technology and personal touch in how we shop.
The blog postings on this site solely reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.