Should we worry about algorithms managing our finances? Not according to Professor Nir Vulkan
Robots. If they are not crashing into us in their self-driving cars, then they are plotting to put us out of work. Apparently, no one and no job is safe – and now even our savings are apparently under threat. Recently, the Daily Mail asked its readers, 'Would you trust a robot to manage your pension?' The implication being – are you crazy?
Well, I’ve been building algorithmic trading models for over 15 years and teaching the theory behind it at Oxford University; my answer is, yes, I would. The scaremongering you find in the press plays partly on the feelings of inadequacy most of us have about looking after our finances “I really should be doing more about my pension” and partly on our general fears about faceless robot overlords.