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CIMA Society of Australia Seminar Series 25 July 2018 Human Behaviour Meets Big Data Speaker: Simon Russell, Director of Behavioural Finance Australia. Chair: Marsha Beck Supported by: UBS Asset Management, Australia Media Partner: Conexus Financial Preferred Education Provider: Portfolio Construction Forum
Cyborg How to optimally integrate machine and human decision-making
3 PROBLEMS Economics Performance Psychology
Problem of last mile Provides ‘hypotheses’
20 years since Deep Blue beat Garry Kasparov
We are beginners at ‘cyborg’ Neurology Psychology Real-world
Weaknesses of machines: “5 What’s” WEAKNESSES OF MACHINES (‘5 WHATS’)
Client Engagement Sales, Marketing, Digital, Communications, Strategic Partnership teams LEVERAGE ALIGNMENT INFLUENCE Test & measure behavioural Capture and align with interventions client objectives and Reliable predictive preferences Personalise analytics Align engagement Attract attention Chat bots/robo-advice models with corporate Remove frictions objectives and values Engagement process analytics Make it social Capture & respond to client feedback Allow customer co- contributions
What is your experience in combining humans and machines?
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