NEW YORK (TheStreet) -- Paypal may dominate the digital payments markets despite Apple's entry and some concerted catch-up efforts by Visa (V) and MasterCard (MA).
Nonetheless, the market is hardly closed to new entrants.
Omar Green, a former executive at Intuit, makers of the Quicken personal accounting software, has developed wallet.AI, a personal financial adviser app that he says offers more bang for your buck.
Technology today allows unprecedented understanding of both a customer's personal behaviors and his or her financial situation. For Green, the secret sauce is in what he calls "Contextual Awareness." "
Broadly defined, context represents the circumstances around which a user expresses behavior, captured digitally," Green said in a phone interview. "It can encompass geo-spatial, temporal, emotional, cognitive, and other domains."
Wallet.AI is developing sophisticated algorithms which will take the data the app on the customer's phone captures (with the user's permission) and churn through them to derive insights into a customer's financial situation. As the app, which will be launched later this year, learns increasingly more about the customer "on-the-go", the financial advice is expected to become increasingly relevant and accurate.
But do human beings listen seriously to advice from algorithms?
The human financial advisor has suffered a rapid decline in credibility thanks to the industry's shenanigans, brought to the fore unhappily in 2008. Add the increasing costs of employing a person for the job, and technology is a no-brainer.
Green points out that human brains have been taking orders from their robot overlords for some time now, especially in the complex world of financial trading.
"Some parts of that work are being highly automated and operated at scale-more calculations, done more often, with more data, but without the need for human intervention. In high-frequency or algorithmic trading, where it's math, done by computers that decides how often to trade, and which trades to make. It's also machines running software that execute the trades."