理財機器人之商業創新模式—以 W 公司為例

Abstract

報章媒體近兩年最火紅的關鍵字莫過於人工智慧，而部分專家也聲稱AlpahGo打敗棋王李世石顯示人工智慧凌駕於人類的可能性，然而，這都是源自於對於大眾對於人工智慧的誤解。所謂的人工智慧可分為兩種，擴增智慧（Augmented Intelligence）與人工智慧（Artificial Intelligence），而目前市面上已商業化的人工智慧大都屬於擴增智慧的範疇，對於人工智慧的誤解也讓大家戒慎恐懼，其實人工智慧背後真正的邏輯是機器加上人類打敗一個人類而非一台機器打敗全人類。 如將人工智慧應用在理財服務上，可以把傳統理財顧問所需花費最多時間的重複性工作以機器人代工，大幅提升財富管理（Wealth Management）模式的效率。Wealthfront是一間結合數據分析與現代投資組合理論（Modern Portfolio Theory），以機器人為使用者做資產配置（Asset Allocation）的理財機器人服務公司（Robo-Advisor）。本研究將以Wealthfront為例，先歸納公司的營運模式與演算法以及可以改進點，再以傳統財富管理模式與理財機器人模式的系統圖比較，並總結出理想理財機器人模式。 最後，本研究以價值創造循環（Value Creation Cycle），重新拆解系統架構，找出理財機器人的價值附加。從技術創新、與傳統財富管理業者聯盟、線上線下全方位通路，到實現提供更容易取得的理財服務為願景，再搭上互聯網與智慧型裝置普及與智慧理財蓬勃發展之趨勢，形成一個完整且具有持續性的價值創新循環。

When Google’s artificial intelligence program AlphaGo made history by defeating Lee Sedol, one of the world’s best Go players, artificial intelligence has become a buzzword. Some experts have warned that artificial intelligence will spiral out of human control and become a threat, claiming that dangers are coming as we do not fully understand how artificial intelligence systems are making those decisions. However, this all comes from fundamental misunderstandings of the nature of artificial intelligence. In fact, AI is a combination of two different concepts, artificial intelligence and augmented intelligence, and the one that has been widely commercialized so far is augmented intelligence, a system that enhance human capabilities rather than replicate the full scope of human intelligence. Applying artificial intelligence to wealth management can save many financial advisors from dull and repetitive tasks and dramatically boost their productivity. Wealthfront is one of the leading robo-advisor companies, providing automated investment service for its users based on data analysis and Modern Portfolio Theory. This study uses Wealthfront as an example to find out an ideal robo-advisor business model by improving Wealthfront’s operation model and its investment algorithm and the comparison of traditional wealth management and robo-advisors. Finally, this study breaks down an ideal robo-advisor business model and uses Value Creation Cycle model to identify the value-added service created by each step. From technological innovation, potential alliances with traditional wealth management players, online and offline channels, vision of providing an accessible wealth management service, rapid growth of robo-advisor, and higher internet and smart devices penetration, we can build up a sustainable Value Creation Cycle of robo-advisor.