By taking the hassle out of financial management, Wizzio, powered by IBM Watson, highlights how AI can open up our lives by giving us back what we could all use a bit more of – time.
We all have our own definitions of what it means to be rich. Depending on where you are, what you do, who you are, having a richer life may have different meanings. But, one thing most of us can agree on is that we all want more time. More time to play, work, learn, and everything else we can think of to make our lives richer.
We all think about money. Time is money – we learn this early on in life and we go on thinking of ways to relate it with happiness. What we don’t often learn until later is that the way we think about our time and money influences our behaviour and has a major impact on how we spend our days.
Think about money and you will probably relate that to work, buying something, investing or even saving it for a rainy day. But thinking about time changes everything. I will not even try to guess what comes to your mind because the options are infinite but I can almost ascertain that a more social, open, personal and friendly attitude arises. Endless possibilities on how to use that time. And this is why time is our most valuable resource: because time can be anything (even money!)
Accepting that time is our most valuable resource changes the nature of our relationship with our finances. We will look to our finances as a means to achieve a set of goals that we have for our lives as opposing to something stressful that needs to get managed in an ever more complex world that we can only strive to comprehend. And this changes everything, because we stop caring about finance although it’s the key to achieve our goals. And this is where Watson comes in.
And how can Watson make you richer? By giving you time. Time for you to transform on anything that makes your life better and richer. This is what Wizzio, powered by Watson, is all about: making your life more meaningful by giving you back time and assisting you on managing all aspects of your finances.
We are at a unique time in history for the financial services industry – longstanding technical systems are being disrupted and replaced by new technology. New entrants in the market that are taking advantage of leaner structures and new data sources are putting serious pressure on market incumbents. And with the rate at which technology is changing we can only expect this trend to continue. This rate of change makes systems that are designed to adapt essential to deliver the highest quality service and experience going forward.
Wizzio brings together state of the art technology to rapidly collect, diagnose and present us with the most relevant information to manage our finances. The system was designed to help us maximise the impact of our efforts by focusing on the more difficult and personal decisions that only we can make. Through Watson the system learns from our patterns and predicts the decisions we will need to make, and then prepares the material we need for us to review. This changes our process from “search, select, review and decide,” to “curate and decide.”
And from this symbiosis with man and machine a unique and distinct partnership arises. One that allows you to focus on managing how to apply your time (curation) and helps you to choose which insights you want to make actionable (decision), working with you all along the way. This enhances and accelerates the profound shift our relationship with our finances is undergoing. You will delegate some activities to this new system that adapts to your way of thinking. Even as you juggle through different topics, the system learns from your behavior every step of the way, making you feel comfortable and confident throughout your decision process.
In the end of the day, what we are saying is that letting cognitive systems like Watson work alongside you will give you something more precious than money. Something that can be money, but can also be whatever you want it to be – because time is what you make out of it.
We all have our own definitions of what it means to be rich, but along our life this definition evolves. To what extent that evolution enhances your life and brings meaning to your day-to-day activity depends not just on what you do but also on what you think. Focus on time, not on money – it’s not just a tag line, it’s a new way of living, powered by IBM Watson.
This article was first published in The Drum's AI issue, guest edited using IBM Watson technology.