The Polish financial supervisor (KNF), as one of the first countries in the European Union, developed a position on robo-advice. Such activities support the use of artificial intelligence in the process of investment advisory services. While robotization reduces costs and increases efficiency, appropriate regulations are necessary. One of the challenges is to legally secure liability for damages that may arise in connection with the use of artificial intelligence.
“Even 10 years ago, when driving with navigation and with a passenger, when the navigation said ‘go straight’, and someone sitting next to him said ‘take a turn’, we would have turned. We didn't believe the technology was good enough. Today we will go straight. It is similar with artificial intelligence in the field of consulting. Today we will choose a human being because we believe that technology in this area is not good enough yet. In 10 years, we may choose a robotic advisor,” Jakub Szpringer, a partner at KSZ Smart Legal - Karwasiński Szpringer i Wspólnicy, said.
According to the report "Artificial Intelligence in Banking", the era of robotic advisors has started in 2016 in Bank of America. Two years later, Wealthfront became the first robotic consultant to offer free, personalized financial planning to its clients.
Currently, as estimated by Roland Berger, the value of assets managed by artificial intelligence amounts to approx. €500 billion. Although it is only 1 percent of global assets, the market is expected to grow at a rate of 36 percent annually in the next few years.
The Polish Financial Supervision Authority has developed a draft position on robo-advice as part of the so-called Digital Supervisory Agenda, i.e. the KNF action plan in the area of modern financial services. Thus, Poland is one of the first European countries in which the supervisory authority raised a number of important issues related to the design of such a service, its implementation and monitoring.