Patrik Schär is the CEO and co-founder of Selma Finance. In this interview, he answers questions about Selma AI, an innovative new service that integrates artificial intelligence into financial planning.
Patrik, why should investors use Selma?
Patrik Schär: Many people want to invest money, but they do not know how, and their banks offer little support. That is where Selma steps in. Selma is a digital asset manager that invests your money in a long-term and diversified way based on a broad perspective.
While banks only offer consultation to wealthy customers, we offer this service to all our customers. Selma analyzes your personal financial situation and puts together an individualized investment portfolio that matches your needs.
With our new artificial intelligence, we give our customers the opportunity to get custom consultation on various aspects of their finances. That lets us provide everyone with free, fast, and personalized financial advice. We complement the digital service with personal consultation for any questions that remain unanswered.
What motivated you to integrate artificial intelligence into Selma?
The financial market is changing, and we want to help drive that change. There have been major technological developments in the fields of artificial intelligence, and these offer new possibilities for financial consultation.
Our vision has always been to be able to offer everyone financial consultation to help them plan for the future and retirement. With the advances in artificial intelligence, it is now possible to implement that in a cost-effective way. Our service is already completely digital. We have access to our customers’ individual data, and that lets us offer them complimentary, personalized financial advice using artificial intelligence.
How is Selma integrating artificial intelligence?
We developed Selma AI in order to make personal financial consultation available to everyone.
Selma AI performs a detailed analysis of your financial situation and your investments. It then gives you recommendations, analyses, and tips based on the information in our internal databank. Selma AI can, for example, calculate whether or not your financial buffer is adequate, which risk profile matches you best, or how you should go about investing.
Currently, the extent to which artificial intelligence can be used to answer questions is still limited. But we are constantly working to improve our capabilities. Our goal is for Selma AI to be able to offer support in many more situations, from optimizing savings plans to retirement planning.
Can artificial intelligence already replace a financial consultant?
Yes. If you look at what a financial advisor does, it is clear that artificial intelligence could handle those tasks. Financial consultants analyze financial situations and use their broad knowledge to make recommendations. Selma AI does exactly the same thing, but for a fraction of the cost. But artificial intelligence cannot offer you a cup of coffee.
Who can use the innovative Selma AI feature?
This feature has been developed especially for our customers. Having a Selma account is the only requirement for using the feature in the app. There are no limitations or additional costs. All customers can get personalized consultation.
How can moneyland.ch readers use Selma and benefit from your artificial intelligence services?
Readers can open a Selma account on our website, www.selma.com, in a matter of minutes. After you describe your individual situation, you receive an individual investment portfolio that is tailored to your specific needs. As soon as you have a Selma account, you can download the free Selma app and try out the Selma AI feature.
We’ve created a promotional code especially for moneyland.ch users which gives you a welcome bonus of 34 francs credited to your account: Simply enter the promotional code “moneyland24” to benefit from this offer!
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