WEB Notes: Machines. They do so much for us today, even making investments for us. In a world where machines make investments, one has to wonder where that will lead? Whoever controls the levers will control that money and can make it go here or there.
In just over half a year, Danske Bank A/S has attracted 11,500 clients to an investment service provided by a robot. Denmark’s biggest financial firm now hopes the project will help it expand its wealth management operations.
The robot is called June. It targets retail clients and small businesses that normally wouldn’t have the resources to work out what to do with their surplus cash. And with Denmark holding the world record in negative rates — the country’s been below zero since 2012, longer than any other place on Earth — the bank argues it makes sense to redirect deposits now earning nothing.